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Britain provides $26 billion in export financing support amid tariff tension

The UK announced on Sunday that it would increase its financial support to exporters, including those who are affected by U.S. Tariffs by an additional 20 billion pounds (26 billion dollars), in order to provide them with stability and certainty as they enter what the government described as a "new era" of global trade.

The introduction of tariffs by Donald Trump in the United States has created uncertainty among UK businesses regarding their exposure to a new trade regime.

The United States has imposed a 25% tariff on steel, aluminum and cars imported from other countries, including Britain, and a 10% tariff on the majority of other imports.

The UK Export Finance (UKEF) has increased its lending capacity from 80 billion pounds to 80 billion pounds. Up to 10 billion pounds of this amount will be set aside for those who are most affected by tariffs.

Finance Minister Rachel Reeves stated that the world was changing and it was more important than ever for businesses to be supported to meet future challenges.

The announcement today will benefit thousands of businesses across the country.

As part of this package, small and medium-sized companies will have access to up to 2 million pound in loans.

(source: Reuters)