精东影视

Construction clients are taking a level-headed approach to Donald Trump鈥檚 new tariffs and are yet to make any 鈥渒neejerk鈥� reactions on investment, according to T&T Alinea.

The firm鈥檚 research associate director Rachel Coleman said there was no signs of panic in the industry following the US president鈥檚 decision to raise tariffs worldwide by a minimum of 10%, announced last week.

She added that there is a general scepticism among clients that the new tariffs will 鈥渟tick鈥� for the long term, with many looking at the weeks ahead as a short or medium term period of potentially higher costs.

Stock markets have crashed across the world in response to Trump鈥檚 announcement of reciprocal tariffs against some of the country鈥檚 biggest trade partners and a global 25% tariff on all steel, aluminium and car imports. Some strategic sectors have been excluded, including refined copper, lumber and selected pharmaceuticals.

For all other goods, the UK is the least affected developed country with only the baseline 10% tariff imposed on it, although other countries are facing much more severe reciprocal rates including China, at 54%, Japan at 24% and the EU at 20%.

China has led the retaliation, imposing higher tariffs of its own on the import of US goods, and is now facing an additional 50% rate threatened by Trump in response, which would bring the total US barrier on China for certain goods to 104%.

But Coleman said construction clients were 鈥渓argely wanting to know what the cost impact of it is鈥� rather than thinking about longer term strategic choices.

鈥淭he big message that we鈥檝e understood is just people trying to understand it. I don鈥檛 think anyone鈥檚 doing any knee jerk reactions. I think everyone鈥檚 learned about that over the last few years. It鈥檚 just trying to understand the moment,鈥� she said.

In a speech on Monday Keir Starmer described Trump鈥檚 trade policy as 鈥渘ot a passing phase鈥�, adding: 鈥淭his is a changing and completely new world, an era where old assumptions, long taken for granted, simply no longer apply.鈥�

But while Gleeds global chair Richard Steer said the UK鈥檚 political stability and 10% baseline rate may make the country a 鈥渟afe harbour鈥� for investment, he questioned the longevity of the new tariffs.

鈥淯nderscoring all this must be the constant concern that Donald Trump is both unpredictable and economically promiscuous,鈥� he said. 鈥淲hat seems a good idea today is usurped by another opposite stance tomorrow.鈥�

However, some firms have already made moves, with JCB opting to double the size of a factory under construction in Texas to 93,000 sq m.

T&T Alinea circulated a briefing note to staff at its London office on Monday morning warning the increase in uncertainty 鈥渨ill no doubt impact business confidence and force more reactive and protective business planning from global manufacturers and businesses鈥�.

鈥淚nvestment decisions will undoubtedly be under review, especially from those companies most affected by the announcement, and from others until the uncertainty recedes. The news from JCB demonstrates that investment decisions may be currently up for review, and money redistributed to navigate the current period.鈥�

Meanwhile, Michael Walters, group director at architect Corstorphine & Wright, suggested the exemption of some pharmaceuticals and the UK鈥檚 lower tariff could present an 鈥渦nexpected opportunity鈥� for the life sciences sector. 鈥漌ith exempt or reduced tariffs this would mean UK-based pharmaceutical companies can more effectively scale their businesses internationally, enhancing the UK鈥檚 position as a global hub for life sciences innovation,鈥� he said.

On Monday, Starmer described the tariffs as a 鈥渉uge challenge to our future鈥� but promised to back business 鈥渢o the hilt鈥�. He also outlined plans to boost the life sciences sector by speeding up clinical trials and investing 拢600m with the Wellcome Trust to create a new Health Data Research Service.

The service, which will start from the end of next year, aims to make it easier for medical researchers to access data by bringing it together into one easy-to-access location.