It seems like a distant memory, but it’s beginning to look like Prime Minister Keir Starmer played his cards wisely when offering US President Donald Trump a state visit just a couple of weeks ago during a visit to the White House. For all the talk of special relationships and free trade agreements, playing to Donald Trump’s ego, has, in all likelihood, earned the UK one of the better reciprocal tariff rates of 10% on goods entering the US market.
Others haven’t fared so well, and with trade superpowers like China retaliating, the global economy is in something of a tailspin. Even with a favourable tariff rate, the knock-on effect for the UK is likely to be higher prices and even more fragile confidence among consumers and patients.
While companies of all types take time to look at rerouting products and generally circumventing tariffs wherever possible, higher prices are almost inevitable. Bargaining on rates is happening at every level, so there may well be some improvement with further diplomacy, but it’s fairly safe to assume Trump’s tariff initiative will be permanent.
However, just as with the Covid-19 pandemic, change, albeit enforced, brings opportunity. Consumers have already changed the way they purchase goods on the high street and continue to search out experiences over transactions. Many high street practices enjoyed success with a more patient-focused experience during and after the pandemic, so if you’re one of the few that have deviated from this approach, it may well be time to dust off the pandemic playbook.
Putting global financial meltdowns to one side for a moment, it would be remiss of me not to mention the milestone that is Optician’s 7,000th issue. I’d like to take the opportunity to thank each and every one of Optician’s readers and advertisers for their support, and to all members of the editorial and advertising teams past and present for their hard work and dedication to the profession.
