While the equity and bond markets fluctuate minute by minute, those who own and run businesses in the Midlands face a different type of uncertainty. 

According to calculations by ‘Centre for Cities’, Coventry, Derby, Telford and Birmingham have amongst the highest proportion of export exposure to the US. At the moment, it will be unclear whether exports to the US might completely cease or demand will reduce, and whether US customers will bear the full cost of the tariff or push the pressure down their supply chains. There will also be a much wider indirect impact on the supply chains of exporters across the Midlands region. 

Last week, we saw JLR halt shipments to the US, but for many businesses that level of flexibility isn't an option. A sudden change in demand can leave them exposed, with limited capacity to pause manufacturing or scale back operations at speed.  

Whilst the landscape for tariffs is so uncertain, it will be tempting for many to carry on as ‘normal’, as spending hours of management time theorising the potential impacts of unknown changes may feel like a waste of time.

So, what can directors do when the rules of the game aren’t clear?

In my experience, resilience starts with readiness:

• Keep the conversation flowing with your suppliers, customers, funders and investors.
• Sense-check your exposure and narrow down the range of potential impacts.
• Maintain awareness of any available support.
• Have plans in place to implement change programmes, if the moment comes.

Uncertainty doesn’t have to mean inaction. In fact, it’s often the leaders who prepare, not panic, who sleep best at night.