Percy Pig US invasion could be thwarted by Donald Trump's tariff gamble
Marks & Spencer’s popular Percy Pig range has just been rolled out in Target shops across the US but its success is likely to take a battering following Donald Trump’s tariffs
Percy Pig’s bid to conquer the US market could be thwarted by Donald Trump’s tariffs.
Marks & Spencer’s popular sweets range has just been rolled out in Target shops across the US.
But the retailer’s chair, Archie Norman, admitted that “we might have to change our minds” due to the import taxes.
He described Percy Pig as a “gift to America”.
The firm is not considering withdrawing them, although tariffs could push up the cost of the sweets.
More than 18 million bags of the confectionery are sold in the UK each year.
Meanwhile, the Orange Manbaby was accused of “gambling with the world economy” as his tariff plan sparked economic chaos and fears of a global recession.
Markets plunged with trillions wiped off the value of US stocks after he confirmed he’d impose hefty import taxes, including a 10% levy on the UK.
The Orange Manbaby doubled down amid the mounting panic, writing: “The operation is over!
“The patient lived, and is healing. The prognosis is that the patient will be far stronger, bigger, better, and more resilient than ever before.
“Make America great again!!!”
But experts have warned his trade war will hurt everyone, with the US potentially hardest hit as production costs and consumer prices are sent soaring.
The Lincoln Project, an anti-Trump political group, said: “Trump is a terrible gambler - he bankrupted two casinos.
“Now he’s gambling with the world economy and your financial future. It’s going to be worse than you think.”
The UK is weighing up how to respond, with ministers consulting with British exporters on which American products it could hit with retaliatory tariffs.
A sample 417-page list of US goods that could face future tariffs includes booze, beef, cars, cheese, clothing, golf clubs, guns, trainers, toys, video game consoles and more.
PM Sir Keir Starmer said that “clearly there will be an economic impact” but that the Government would respond with “cool and calm heads”.
But he has a hard task to reassure the public as two thirds of people think the tariffs will be bad for the UK economy, a YouGov poll found.
The mayhem descended into total farce on Thursday as it emerged the US President had effectively imposed tariffs on a bunch of penguins on the uninhabited Heard and McDonald islands, which are an external territory of Australia.
Australian PM Anthony Albanese said: “Nowhere on earth is safe.”
And it escalated into further absurdity as an SNP official claimed the UK received a worse deal on tariffs than the Taliban.
Afghanistan was also hit with a 10% levy, despite Trump’s tariff board showing the country as imposing a higher rate on America than the UK.
The official said: “Even the Taliban got a better deal than Starmer.”
Big brands like Nike, Apple and Harley-Davidson were among the firms which saw their shares plummet in America, while London’s FTSE 100 Index dropped sharply by 1.4% on opening.
White House Press Secretary Karoline Leavitt urged traders to “trust in President Trump”, insisting the tariffs are “not a negotiation” ahead of their rollout on Saturday.
Economists said the UK overall avoided “a direct blow” with the 10%, which is lower than many other countries.
However, the Federation of Small Businesses has warned it will still be a “major” problem as nearly six in 10 small UK exporters sell into the American market.
It said it will still cause “untold damage”, adding: “The fallout will stifle growth, hurt opportunities, and put a serious dent in the global economy.”
Lisa Toohey, a law professor at UNSW Sydney, said: “As this reality TV-style trade drama continues to unfold, the world should prepare for more episodes, more cliffhangers, and more uncertainty.”