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£12.00Two business reporters from the BBC, João da Silva and Tom Espiner, have highlighted the UK’s reaction to President Donald Trump’s imposition of tariffs on steel and aluminium imports, labeling it as “disappointing.” Trade Secretary Jonathan Reynolds noted the UK’s pragmatic approach in the face of these tariffs, while the Conservative party criticized Labour for lacking a plan amidst concerns raised by steelmakers. In contrast to the UK’s stance, the EU announced counter tariffs on €26 billion of US goods, condemning the move as harmful to the global economy.
The implementation of the tariffs on steel and aluminium by the US has sparked recession fears, resulting in a significant impact on US markets. The tariffs mean that US businesses importing these materials will face a 25% tax, likely leading to increased costs for consumers. In response, the EU President Ursula von der Leyen emphasized the negative implications of tariffs on the economy, advocating for open negotiations to resolve the issue. The EU’s retaliatory tariffs will encompass various products, with a gradual rollout starting in April.
In the UK, the steel industry faces challenges due to the US tariffs, with industry body UK Steel expressing disappointment and calling for collaborative efforts with the UK rather than against it. The threat of redirected cheap steel flooding the UK market raises concerns for domestic producers, further exacerbated by rising energy prices. Calls for action to protect the steel industry and promote buying UK-produced steel have been made by unions and industry representatives.
While the US aims to boost its steel manufacturing through the tariffs, differing views exist within the country on the potential consequences. Some support the move, asserting its benefits for job creation and industry growth, while others caution against negative impacts on the broader economy. With exemptions excluded this time, the US faces challenges in balancing its import relationships, especially with key suppliers like Canada, Mexico, and Brazil. The uncertain economic landscape triggered by the tariffs underscores the need for strategic negotiations and collaborative solutions
Read the full article from The BBC here: Read More
