Tariffs are by no means a new concept, though they have gained a lot more prominence among everyday folk since US President Trump took office for his second term. 

The UK and India have finalised a landmark trade deal, cutting tariffs on whisky, gin, and cars, and aiming to boost bilateral trade by £25.5bn by 2040.

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The UK government has suspended third-country duty – also known as MFN tariffs on 89 products, expressing an ambition that the savings will be passed on to consumers.  Whilst timing of the press release appears to coincide with the imposition of 10% US tariffs applied in addition to existing most favoured nation (MFN) rates on most UK exports to the United States, the suspended tariff announcements are the outcome of a 2024 consultation.