A long-running trade dispute between the UK and the US that hit export sales of luxury goods has been suspended until 2026. UK luxury goods industry body Walpole welcomed the agreement, calling it “fantastic news”.
The UK luxury industry has praised a move by the US to suspend retaliatory tariffs of 25% imposed on a range of high-end products, including cashmere, wool, tailoring, and bedlinen, albeit for just four months.
The luxury sector is concerned that there are too many exclusions from the list of countries that don't have to quarantine when arriving in England, including China, the US, Russia and Middle East states.
France is the most popular country for ‘elite shoppers’ to visit with the UK in second place, but these ultra-high-spending consumers are spending more on average in Britain than in its neighbour, a new study has shown.