When the Office for National Statistics released its latest US/UK trade figures at the beginning of May, the numbers prompted plenty of gloomy headlines.
UK goods exports to the United States are down 24.7 per cent since President Trump’s “liberation day” tariffs in April 2025.
This was a fall of £1.5 billion in trade once the figures for precious metals were stripped out. It may look like worrying reading, but it hints at short-term pain, not a long-term trend.
If you look beyond the immediate headline, a more encouraging story emerges. One where Britain remains uniquely well placed in the new transatlantic landscape and the building blocks for recovery and growth are already falling into place.
First past the post
It is easy to forget, amid the noise, that the United Kingdom was the very first country to land a trade deal with the Trump administration after liberation day.
This reflects the decades of accumulated diplomatic capital, a shared language of commerce and the kind of trust between governments that simply cannot be replicated overnight.
While other major economies were still scrambling to understand the new rules, British negotiators had already secured terms.
The 10 per cent blanket tariff is real and exporters are right to take it seriously, but it is also worth noting that it sits at the lower end of the global tariff regime now in place.
British firms are competing on more favourable terms than many of their European, Asian and Latin American rivals.
The Scotch whisky breakthrough
The announcement that President Trump will drop all tariffs on Scotch whisky “in honour” of King Charles III and Queen Camilla, following their state visit, is genuinely excellent news and not only for the 40,000 people employed in the industry or the distilleries that account for 23 per cent of all Scottish goods exports.
It is a powerful signal that the relationship is dynamic and that the British government can still secure meaningful trade wins with the US.
It also points to a wider opportunity for other sectors, such as the pharmaceutical industry, advanced manufacturing, financial and professional services and creative industries, where Britain offers something distinctive that American consumers and businesses genuinely desire.
Built-in advantages of trading with the US
It is worth taking stock of what British exporters bring to the American market that competitors cannot match.
The English language, shared legal traditions, deep capital market integration, mutual recognition across a swathe of professional services and a genuine cultural affinity that translates into consumer preference.
They are the reason American buyers seek out British brands and they are not going anywhere because of a tariff schedule.
What British exporters should do now
For businesses with American exposure, this is a moment to lean in rather than retreat.
British firms competing on quality, brand, design, and craftsmanship can absorb or pass through the cost of tariffs in ways that price-driven competitors cannot.
American buyers reward suppliers who show up, build relationships and invest in the market. Trade missions, in-market sales operations, and direct partnerships with American distributors all make tariff impacts more manageable.
The companies that double down on their American engagement now will be the firms that are in a better position to win the bigger market share when the broader trading environment shifts again.
A relationship with a future
The transatlantic trading relationship is not in trouble, but it is in a period of transition, which includes a degree of uncertainty that comes with the current geopolitical environment.
It is important to remember that Britain has been trading with the United States for longer than most countries have existed.
The relationship has weathered wars, recessions, currency crises and political upheavals on both sides of the Atlantic.
The special relationship endures and for British businesses willing to adapt, the next chapter looks genuinely promising. If you are looking to expand your business overseas, speak to our team.