Today, Trust Electric is looking for opportunities in the US market. This is a big win for small and medium-sized businesses, given the ongoing tariffs that the Trump administration placed on them just last month. International businesses are joining in strong condemnation of the announcement. The UK government is making matters worse by levying a 10% tariff on all imports and a 20% tariff on European Union imported goods. Despite its global nature, Trust Electric is dedicated to maintaining its UK home. On one hand, the company is bringing jobs to Yorkshire and establishing a manufacturing presence in the United States.
The US market offers important opportunities, especially for companies such as Trust Electric, which produce electric heaters for the low-carbon and energy-efficient buildings. CEO of Venture for ClimateTech, Fiona Conor, stressed the financial benefits of the US market. She explained that for a company in the U.S., 1% of the market means £1.3 billion, while in the UK it means just £14 million. This dramatic difference underscores just how attractive today’s US manufacturing opportunities are proving to be.
Since September, Trust Electric has been in the Venture for ClimateTech program, which helps climate tech innovators from around the globe. Based out of the US, this initiative provides essential funding and support for companies looking to enter the American market. Conor noted that US manufacturers are able to avoid tariffs. That’s resulted in an incredible opportunity for companies willing to invest, bolstered by an extra incentive—one or more tax breaks.
Conor expressed optimism about the situation, stating, “The prize is huge for firms willing to manufacture in the US,” further elaborating that “Trump put desirable measures in for innovators like us to manufacture in the US.” Outlining a path forward, she urged companies to “seek out some of the opportunity in America – it’s vast.”
Even in the face of harm from these tariff barriers, the UK government persists with its efforts to try and secure a free trade agreement with the United States. For all of this, officials have come under much criticism for their slow response to Trump’s election and subsequent policy rollbacks. To that last part, Conor explained how officials were “too late to the table” in dealing with replete mishaps.
Since his appointment as leader, Prime Minister Sir Keir Starmer has acknowledged the changing economic tide. He noted that just as in defense and security, “the world is entering a new era in economy and trade.” He talked about how crucial it is to always go in prepared. On that day, he promised us, “one of the great strengths of this nation is our ability to keep a cool head.”