Firms Want Greater Certainty And Explore How They Can Be Proactive.

UK businesses should diversify their supply chains and explore new markets urgently if the want to adapt effectively to the rapidly changing global environment, says a leading international trade expert.

Drawing on his extensive experience from previous roles at the Department for Business and Trade (DBT) and HSBC, Richard Baigent, says businesses should also be ensuring contracts should be reviewed to address cost adjustments and termination rights.

Expert Opinion

"Over recent months, tensions in global trade have risen following US President Donald Trump’s tariff announcements. I’ve spoken to a lot of organisations, and the theme is clear. They want greater certainty when it comes to trade, and they want to explore how they can be proactive.

“In the near term, businesses which trade internationally have faced significant challenges, but new opportunities are also emerging – the pace at which the UK/India Free Trade Agreement was finalised after years in negotiation shows perhaps how the world may see the importance of diversifying trading relationships.

"Looking ahead, businesses should consider several key issues. These include the implications of upcoming midterm elections; analysing how political changes may affect trade policies; and what the effects of a weaker USD will be.

"As we face up to the uncertain future and its implications for global trade, evaluating the benefits and challenges of new trade agreements, the impact of product 'dumping', and the reduction in tariffs between the US and China, are all issues that should be addressed.”

Richard Baigent, International Trade Consultant at law firm Irwin Mitchell.

For more information, please contact Richard Baigent.