After Trump’s tariffs, why does the UK continue trading with the US?published at 12:16 British Summer Time
12:16 BST
Dharshini David
Deputy economics editor
Throughout today, our correspondents here in the UK, in the US and around the world will be answering your questions about the Trump administration and their first 100 days in office.
If you’ve got one that you think should feature in our coverage, just email bbcyourvoice@bbc.co.uk.
The first of these comes from Craig, in Glasgow, who asks why – if the US is imposing such high tariffs – don’t we just cease trading with them? Here’s my response:
The amount the US sells to the rest of the world equates to more than 10% of its annual income, or GDP. Refusing to buy American would deal that economy a crippling blow.
But consider what the US sells: it’s one of the biggest producers of soy beans for animal feed and a key supplier of oil – staples not easily replaced. Nor are some of the more sophisticated items it manufactures – aircraft parts and machinery.
Plus Americans still account for about $1 (75p) in every six spent by consumers globally – not selling to them would be disastrous for many industries in countries around the world: carmakers in Germany, pharmaceutical companies in the UK, electronics manufacturers in China and textile factories in Bangladesh, to name a few.
Having said that, the Trump trade wars have prompted countries to cast around, to develop other trading partners and markets. But such things take time – and may still mean there’s a higher price tag involved for consumers.