The US has fallen out of the top three growth markets for UK manufacturers for the first time in nearly four decades, according to an industry survey that highlights the impact of higher tariffs.
In May, just 18 per cent of British manufacturers expected “positive demand conditions” in the US over the next three months, less than 56 per cent for Europe, 23 per cent for the Middle East and 20 per cent for Asia, according to a quarterly survey by manufacturers association Make UK.
“This is the first time the US has not been the second-most favoured destination for export growth for UK manufacturers, behind the EU,” said Make UK, which started the survey in 1988.
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