The North East Combined Authority have said that the North East will be less impacted than other areas of the North East.
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00:00Councillors in the North East have been told that the region is for now relatively shielded
00:04from the economic turmoil sparked by Donald Trump's sweep and trade tariffs on exports
00:08to the United States.
00:09The global economy has been left reeling by US President's protectionist policies.
00:14Though Mr Trump has since softened some aspects of his stance, the UK remains subject to
00:18a 10% tariff on all exports to the US, with higher charges of 25% imposed on key sectors,
00:24including cars, steel and aluminium.
00:26Despite these growing concerns, officials at the North East Combined Authority say that
00:30the region's economy is currently less exposed than other areas in the UK, especially compared
00:35to regions like the West Midlands, where carmaker Jaguar relies heavily on transatlantic trade.
00:41Rob Hamlet, in Strategic Lead for Economic Growth and Regeneration for the North East Combined
00:46Authority, told other members that while road vehicles and parts account for 30% of all
00:51North East exports, only around 6% of the region's total exports are sent to the US.
00:57We are less exposed than other parts of the UK, he said.
01:00He added that many local firms currently feel relatively assured, though he warned that uncertainty
01:05remains high, especially with the potential for further tariffs, including pharmaceutical
01:09products, which are among the North East's top exports to America.
01:13Colin Ferguson, leader of Newcastle's Liberal Democrats and chair of the NECA's scrutiny panel,
01:18said,
01:18I am conscious that the position we are in at the moment is that we have absolutely no idea
01:22where America is going on this. Anyone who says they know the next move is probably bluffing.
01:28Analysis from Think Tank Centre for City supports the idea that the North East is in a stronger
01:32position than other parts of the UK. New data published last week shows that cities like
01:37Coventry, Derby and Telfad are far more vulnerable to the US tariffs, with up to 22% of their exports
01:43heading across the Atlantic.