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An enduring partnership: UK business opportunities grow in the US
Following May’s trade deal with the US and Donald Trump’s second UK state visit, an HSBC UK survey reveals business sentiment on US trade and explores future trade ambitions.
Trump’s state visit to the UK shines a spotlight on the trade relationship between the UK and the US, so we’ve taken this moment to survey British businesses on their sentiment around the opportunities that the US market holds for UK businesses.
The UK-US corridor has long been hugely valuable to the UK economy, but how do businesses view the opportunities amidst global volatility and tariff uncertainties? The answer is they’re surprisingly resilient and UK businesses are still overwhelmingly positive about the opportunities to trade with the US.
Strengthening trade ties
Britain’s long-standing trading relationship with the US continues; the UK was the US’s largest services trade and foreign direct investment (FDI) partner in 2024, and was its ninth-largest goods trading partner¹. The same year the UK imported £57.1 billion of goods from the US and exported £59.3 billion of goods; 16.2% of its total goods exports². And the responses from the businesses we spoke to suggest that relationship will continue to grow.
UK businesses are certainly benefiting from trade with the US, with over one third (37%) of those already trading with the US reporting an increase in revenue in 2025, with almost 10% reporting a significant rise. 33% also reported a boost in new customers from the US, with only 16% reporting a fall.
Despite a backdrop of global uncertainty, it is encouraging to see that UK businesses are not only resilient, but are also actively seizing new opportunities in the US market.
This highlights the importance of continued policy support and strategic partnerships that can help businesses navigate the changing landscape and unlock further growth.|
Reactions to May’s deal have generally acknowledged it as an important moment of stability in a changeable geopolitical environment, and the lifting of tariffs has been welcomed by the sectors affected. Nearly one third (31%) of all respondents said that the deal was good for all UK businesses, and 18% of those businesses already trading with the US reported being more likely to pursue opportunities there.
The Economic Prosperity Deal goes some way to softening the volatility and uncertainty that has prevailed in the UK economy. The “Liberation Day” tariffs imposed by president Trump in April naturally dominated news headlines and raised concern among the business community. It is encouraging, then, that the UK has benefited from less harsh tariffs than other US trade partners, with the trade deal and Trump’s state visit indicating the potential for smoother trading relations between the two countries.
37%
of UK businesses trading with the US said revenue had gone up
33%
of businesses said they had seen an increase in the quantity of orders arising from the US
31%
of respondents said that the May trade deal was good for all UK businesses
18%
of those already trading with the US reported being more likely to pursue opportunities there following the deal
Actions UK businesses are taking
The global trade outlook in 2025 has been coloured by concerns over the growing use of tariffs as a policy tool, set against a backdrop of global uncertainty. The UK’s inking of deals with the US, India, and the EU this year has provided a necessary counterweight to this more subdued macroeconomic picture.
In response to this year’s global trade developments, 18% of businesses surveyed by HSBC UK have increased their trading with the US, with 24% increasing their trading with other markets . This suggests that the US remains an attractive trading destination for many UK businesses, while highlighting the diversification that is taking place. This is reflected in a desire among 54% of respondents trading internationally to reconfigure supply chains, Alongside those supply chain changes, 26% of businesses are investing in digital infrastructure.
We see the crossover of supply chains and data as being a key way to empower growth and understand how your business is being impacted by this environment.
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Looking ahead
Beyond the findings of the HSBC UK survey, we’re also seeing increases in payments to and from the US for HSBC UK customers. Payments to the US rose by 23% year on year in the 12 months to June 2025; and the value of payments received from the US rose by 13%.
It’s interesting to consider, though, what might be needed to further encourage businesses to trade with the US. For many of the leaders surveyed sector-specific policies and greater overall policy support from the government, including further trade deals would be important factors. Businesses also look to regulations, with 42% seeking the implementation of measures to tackle fragmented cross-border regulations. A further 31% would like to see sector specific-trade agreements featured in future negotiations with more support available for services exports, sustainable trade and green exports.
This highlights the need for a proactive approach to navigating the opportunities, and challenges that lie ahead for British businesses, from strengthening value propositions and ensuring business strategies are streamlined for success to ensuring the right financial support is in place.
“As a truly global bank, we have a great presence in both the US and the UK, with specialists across those markets that understand what is happening in key industries, the latest trends, the impact of tariffs and the support you might need to adapt and thrive,” concludes Stephanie Betant.
