The US market is worth about £971million to the Scotch whisky industry, while salmon is worth £225million in exports.

More than a third of mid-market Scots businesses fear they could be significantly impacted by tariffs slapped on US imports by Donald Trump.

A survey of 500 firms based in Scotland found 34 per cent expected to be directly affected by the tariffs “to a significant extent” while 66 per cent said “to some extent”.

No respondents to the poll by business advisory firm BDO said they would be unaffected by Trump choosing to upend the global trade system.

Stock markets plunged on Thursday after it was confirmed foreign companies’ goods will face a surcharge in the lucrative US market, with Trump saying America had been “raped and plundered” by other nations.

Keir Starmer’s Labour Government is working around the clock to do a deal to reduce or wipe out the tariffs but it is not clear if they will succeed.

Although the 10 per cent tariff on the UK is half of the 20 per cent levy on the EU, industry figures fear the policy could severely damage Scotland’s whisky and salmon sectors.

The US market is worth about £971million to the Scotch whisky industry, while salmon is worth £225million in exports.

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James Paterson, tax partner at BDO in Scotland, said: “Mid-market businesses in Scotland have clearly seen the writing on the wall and have braced themselves for the impact of the US administration’s tariff policies.

“But this doesn’t mean that they are all prepared. Some UK companies will urgently need to take proactive measures to confirm the correctness of their goods classification and to verify the true country of origin for the goods they export into the US.

“Supply chains can often be complex – for example, Chinese goods are often trans-shipped via other countries to the US but they remain of Chinese origin and would be subject to the tariff levels being placed on Chinese goods.

“Longer term, many businesses will need to consider supply chain and wider operational footprint changes – such as changing the territory of sourcing and/or the location of their manufacturing operations.”

It comes as Starmer is set to hold a series of talks with global leaders this weekend as the world reels from US President Donald Trump’s tariffs and European markets plummeted following retaliatory measures from China.

Downing Street made clear on Friday that the UK is “disappointed” with the US levies and will be speaking with partners in the coming days as it grapples with a “new era” in trade and a “shifting” economic landscape.

Number 10 contradicted the US president’s claim on Thursday that the Prime Minister was “very happy” about the imposition of a 10% import tax on British goods entering America.

Asked on Friday whether that characterisation was accurate, a Downing Street spokesman said: “We’re disappointed by the tariffs that have been brought in.

“Clearly, there will be an economic impact from the decisions the US has taken, both here and globally, but both the Prime Minister and the Business Secretary have been very clear over the last 24 hours that we will continue to act in the best interests of the UK, and we’re prepared to do so.”

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