“We suspect that the tariffs will only be applied to UK goods exports, not services,” said Alex Kerr, UK economist at Capital Economics. If services are not subject to tariffs “then a weaker pound may boost services exports and as a result UK GDP.” Against that, Kerr said, Britain could be hit by the indirect fallout from softer global growth and higher inflation, with latter putting upward pressure on UK rates. “The upshot is that we think the impact on UK growth will be very small.”