LONDON:Britain has announced an additional £20 billion ($26 billion) in financial support for exporters, including those hit by US tariffs, in a move aimed at providing stability amid growing uncertainty over global trade rules.
Britain made the announcement on Sunday as the tariffs, introduced by US President Donald Trump, have deepened uncertainty for UK businesses about their exposure to the new trade regime.
The United States has imposed tariffs of 25% on imports of steel, aluminium and cars, and a baseline tariff of 10% on most other imports from countries like Britain.
The government said the increase raises UK Export Finance's (UKEF) lending capacity to £80 billion, with up to £10 billion set aside to support those most affected by the tariffs in the short term.
"The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead," finance minister Rachel Reeves said.
"Today's announcement will do just that, with thousands of businesses right across the country set to benefit."
Small and medium-sized businesses will also have access to loans of up to £2 million as part of the package.