Business Insights and Conditions in Scotland (wave 143): 13 November 2025

United States Tariffs

In the period 20 October to 2 November 2025 (Wave 143), businesses were asked what impact, if any, United States tariffs had on their business in the last month.

Figure 5: Around one in ten (10.7%) businesses had been impacted by US tariffs in the last month. The Manufacturing sector had the highest share affected in the last month (22.6%).

Estimated share of businesses impacted by United States tariffs in the last month. Businesses not permanently stopped trading with 10+ employees and a presence in Scotland. Wave 143 (20 October to 2 November 2025).

Source: BICS weighted Scotland estimates - data to Wave 143 from the Scottish Government. For Figure 5 data see table ‘USTariffsImpact’.

Businesses that had exported goods in the last 12 months were more likely to have been impacted by US tariffs. An estimated 23.7% of goods exporters were impacted by tariffs in the last month, compared to 10.7% of all businesses.

Figure 6: For goods exporters, the most-reported impacts of US tariffs were that the business experienced additional costs (16.4%) and reduced demand (10.0%).

Estimated share of businesses by impact of United States tariffs in the last month. Businesses currently trading with 10+ employees and a presence in Scotland, and who exported goods in the last 12 months. Wave 143 (20 October to 2 November 2025).

Source: BICS weighted Scotland estimates - data to Wave 143 from the Scottish Government. For Figure 6 data see table ‘USImpact_GoodsExporters’.