Donald Trump is preparing to unveil his latest tarifs. (Image: Getty)
British industries have been given an "act now" warning ahead of Donald Trump's "Liberation Day" tariffs on Wednesday, reigniting his trade war. The US president has been fighting against what he believes are America's unfair trading conditions since he resumed office in January.
While he has so far been tight-lipped about the exact details of the levies, the Republican claimed they would affect "all countries", raising fears for important exports from the UK. Bernadette Bulacan, finance and legal expert at software company Icertis, explained that there are three ways businesses can adapt to the Trump's administration's "expansive tariff agenda".
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The US president is expected to level significant reciprocal tariffs on April 2. (Image: Getty)
She told the Express: "Companies can either formulate new strategies to offset higher prices, take the hit on their balance sheet, or increase costs with customers."
Ms Bulacan urged businesses to "act now" by changing their contracts to help bring down the higher prices caused by Mr Trump's tariffs.
She explained that they can be used to restructure supply chains, minimise the impact of change, and safeguard against unpredictability.
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She added: " The launch of the US administration’s tariff agenda puts UK companies in the crosshairs of an economic battleground.
"With cost increases looming, companies face three stark choices: absorb the hit, pass it on to customers, or find innovative ways to mitigate the damage.
"One thing is clear. Businesses that fail to act now risk losing control over their profitability, competitiveness, and long-term viability."
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Mr Trump has not revealed the full extent of the tariffs, and so the extent of the impact on the UK is not yet known.
The US president has, however, confirmed a 25% import tax on all cars imported to the US - which brought in ￡7.6 billion last year.
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There is also the prospect of reciprocal tariffs for what the Republican has called "unfairness" in America's international trade agreements, but this has not been confirmed.
The Government tried to negotiate a deal with the US, but Prime Minister Sir Keir Starmer has said this has yet to be agreed.
He told Sky News: "The likelihood is there will be tariffs. Nobody welcomes that. We are obviously working with the sectors most impacted at pace on that. Nobody wants to see a trade war but I have to act in the national interests."