24.02.202611:02:35UTC+00Sterling Holds Near $1.35 as Trump’s 10% Global Tariff Takes Effect

Sterling was little changed at $1.35, hovering near last week’s one‑month low, after US President Donald Trump’s new 10% global tariffs came into effect. While Trump had threatened over the weekend to raise the levy to 15%, the lower-than-expected rate offers only limited relief to UK businesses.

The new tariffs follow a setback for Trump on Friday, when the US Supreme Court struck down his sweeping “liberation day” import duties imposed last year. Under the latest measures, the US Customs agency will apply “an additional 10% ad valorem duty on imported articles of every country” for 150 days from Tuesday, unless specific exemptions apply.

William Bain, head of trade policy at the British Chambers of Commerce, commented that “while a new 10% tariff rate, instead of the threatened 15%, provides some relief, it highlights how difficult it is for businesses to plan ahead.”