Written question WQ96143
- Asked by
- Samuel KurtzConservative
- To be answered by
- First Minister
- Tabled
- Due
- Answered
- Time to answer
- 11 days
Question
What assessment has the Welsh Government made of the impact of President Trump's tariffs on Welsh businesses and the wider Welsh economy?
Answer
Answered by First Minister (Eluned Morgan)
The USA is Wales second largest goods export partner, accounting for 13.5% of our total goods exports in 2024. ‘Power generating machinery & equipment’, ‘Petroleum, petroleum products & related materials’, and ‘Medicinal & pharmaceutical products’ are Wales’ top three export products to the USA and accounted for around 42% of Wales-US goods exports in 2024.
Initial analysis of the latest data (2022) by the Welsh Government shows that Wales’ trade with the US is largely focused on goods (67% of total trade), much higher than at the UK level (32% of total trade). Therefore, there is a possibility of a disproportionate impact on Wales should blanket tariffs be applied. Whilst petroleum and pharmaceutical products are currently covered by an exemption to the new tariffs, further tariffs may be added in the future.