Tariffs more likely to bring UK price cuts than inflation, says WH Smith boss

**Summary:** WH Smith's CEO, Carl Cowling, expects Donald Trump’s tariff war to result in price cuts rather than inflation for many UK retailers. Economists, however, predict increased barriers could fuel global inflationary pressures. Cowling believes the company will not face immediate disruptions as their stock orders are committed until after Christmas. He reports robust trading in the UK despite concerns about consumer confidence, and advises retailers to adapt to changing trade environments. WH Smith's US business primarily sources food locally but relies on Asian suppliers for other goods now subject to high import tariffs. Cowling expects suppliers might shift production to countries with lower tariffs. Recent financials show profits at WH Smith’s high street business dropped by nearly a third, while its travel business saw an increase in sales and profits. The group is on track to meet full-year profit expectations despite a pre-tax loss due to exceptional items. They plan to open more than 90 new stores globally.