SSE PLC

This is the updated version of the report, which was published on April 20, 2026, at 09:59AM GMT+1 

Kalkine’s Global Tariff Report provides fully independent analysis and data-driven analysis of major global sectors affected by tariff changes, evaluating the implications these shifts may have on equity valuations across those industries. The report concentrates on trade-sensitive sectors that typically experience heightened investor scrutiny during periods of tariff uncertainty. It also identifies defensive and countercyclical segments that demonstrate relative resilience or may even outperform, amid disruptions to global trade flows.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Highlights

Latest Key Developments (as 20 April 2026) 

UK

1. New proposed U.S. tariffs tied to the Greenland dispute: In January 2026, U.S. President Donald Trump threatened 10% tariffs on imports from the United Kingdom and several European allies over the Greenland dispute. However, within days, the administration signaled a pullback after citing a vague “framework” understanding, so the originally threatened February rollout did not fully materialize.
2. In April 2026, Trump again warned that the U.S.-UK trade arrangement “can always be changed,” creating renewed uncertainty over tariffs on UK autos, steel, and aluminum.
3. The UK remains exposed to future tariff changes, especially if geopolitical disagreements with Washington deepen.

Australia

1. Baseline U.S. tariffs include a 10% import duty on Australian goods under Trump’s broad tariff regime (applies to nearly all countries).
2. Canberra has avoided the harsher reciprocal tariff rates imposed on several larger trading partners, limiting direct export damage so far.
3. Indirect risks remain significant, particularly via slower Chinese demand, commodity volatility, and weaker global trade flows that may pressure mining and export sectors.

Canada

1. Trump’s earlier plan included 25% tariffs on Canadian imports as part of his tariff escalation — though exemptions for products compliant with USMCA (trade deal) were negotiated, and timing changed due to pauses/extensions.
2. Canada is prominent among U.S. allies opposing these tariffs, and Ottawa has signaled a desire to resolve disagreements through talks rather than deepening trade conflict.
3. Tariffs remain a major point of friction in U.S.–Canada trade relations, with potential risks for auto and industrial supply chains if full reciprocal duties take effect.

India

1. U.S.-India trade tensions have eased from prior peak levels, with tariffs reportedly reduced from earlier punitive rates under an interim framework.
2. Average U.S. duties on Indian imports remain elevated versus historical norms, keeping pressure on exporters in selected sectors.
3. Negotiations toward a broader bilateral trade agreement continue, with both sides seeking a more durable settlement through 2026.

China

1. China has been a central target of Trump’s tariff increases, with U.S. duties on Chinese imports raised sharply above baseline levels.
2. Beijing has responded with retaliatory tariffs and export controls on U.S. goods, contributing to intensifying trade tensions.
3. Despite tensions, negotiations and dialogue persist intermittently — including possible talks aimed at easing the trade standoff — but a stable resolution remains elusive.

European Union

1. Under Trump’s tariff regime, the EU faces reciprocal U.S. tariffs significantly higher than historic levels(around 20% on many goods, according to U.S. tariff lists).
2. EU policymakers have pushed back firmly, rejecting U.S. proposals for ultra-high tariffs and instead favouring targeted, proportionate retaliatory measures remained justified.
3. Trade negotiations with the U.S. remain complicated by broader geopolitical frictions, including concerns over Russia and NATO cooperation, which intersect with tariff policy discussions.
4. Steel and aluminumremain the most sensitive unresolved area, with continued risk of selective tariff escalation or policy tightening into early 2026.
5.  

Image source: © 2026 Krish Capital Pty. Ltd., Data Source: REFINITIV, Analysis: Kalkine Group

The UK closed for 3 months to December 2025 with a trade deficit of GBP ~3.70 bn. Total exports reached GBP ~231.70 billion, while imports stood at GBP ~235.40 billion.

• February 2026 UK Exports: Total exports of goods and services were approximately US$44.9 billion, representing a 21.5% year-on-year decline.
• February 2026 UK Imports: Total imports rose to around US$87.0 billion, resulting in a trade deficit of US$42.1 billion.
• Comparison with January 2026: The UK had recorded a £3.92 billion trade surplus in January 2026, highlighting a sharp reversal in trade balance within one month.
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 Image source: © 2026 Krish Capital Pty. Ltd., Data Source: REFINITIV, Analysis: Kalkine Group

Image source: © 2026 Krish Capital Pty. Ltd., Data Source: REFINITIV, Analysis: Kalkine Group

Amid elevated Market Volatility and Tariff pressures, SSE PLC (LSE: SSE) stands out as our defensive pick within the Utility sector, supported by rigorous fundamental and technical research.

Section1: Company Overview and Fundamental Insights:

SSE PLC (LSE: SSE)

SSE PLC (LSE: SSE) is an FTSE 100-listed UK energy company, specializing in regulated electricity networks and renewable energy infrastructure. The company develops, owns, and operates low-carbon assets supporting the transition to net zero, including onshore and offshore wind farms, hydroelectric projects, transmission and distribution networks, flexible generation assets, carbon capture and hydrogen storage solutions, solar installations, and battery storage systems.

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, and Recent Business Updates along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~35.78% of the total shareholding. BlackRock Institutional Trust Company, N.A. and Capital Research Global Investors hold a maximum stake in the company at ~8.00% and ~5.00%, respectively.

In H1 FY26, Debt to Equity ratio declined to 0.81x reflecting lower financial leverage and reduced reliance on debt, improving financial stability. Increase in Current Ratio to 0.97x indicates improved liquidity and stronger ability to meet short-term obligations.

Below charts data are compared on year-on-year basis

Section 2: Business Updates and Financial Highlights

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

One Year Technical Price Chart (as of April 20, 2026). Source: Refinitiv, Analysis: Kalkine Group

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 20 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 6: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.