UK Exporters Face £3bn Hit as Trump Raises Global Tariffs to 15%

British companies face a potential £3 billion ($3.8 billion) annual hit after President Donald Trump raised tariffs on UK goods from 10% to 15% on February 21, 2026, according to the British Chambers of Commerce (BCC). The new baseline tariff, effective February 24, will impact approximately 40,000 businesses across food and drink, clothing, textiles, and electrical goods sectors. Scotch whisky remains particularly vulnerable, with exports to the US already down 15% in 2025 following earlier levies. Automotive and pharmaceutical industries retain exemptions under the existing US-UK trade deal. London markets are bracing for volatility when trading resumes on February 23. Neil Wilson of Saxo UK expects investors to dump riskier assets amid policy uncertainty. The 15% global tariff rate will remain in effect for 150 days, after which congressional approval is required. The European Parliament's trade committee has suspended work on its US deal pending legal clarity. China's average tariff rate fell to lower levels following a Supreme Court ruling against country-specific levies, though Trump has vowed alternative measures.