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BBC News’ business correspondent, Marc Ashdown, reports that UK steelmakers are facing another setback with US President Donald Trump’s decision to double import taxes on steel and aluminium to 50%. Trade group UK Steel expressed concerns that the industry could experience delayed or cancelled orders, with some shipments already en route across the Atlantic facing uncertainty.
The new 50% import tax, set to take effect on Wednesday, will replace the 25% import tax previously announced by President Trump earlier this year. The UK government is in discussions with the US to understand the implications of these latest tariff changes and provide clarity to the steel industry.
Despite an agreement made on May 8th to eliminate import taxes on UK steel as part of a trade deal, the original 25% tariff remains in place until the details of the agreement are finalized. UK Steel’s director general, Gareth Stace, expressed apprehension over the increased tariffs, stating that UK steel companies are worried about potential order cancellations and financial implications.
In efforts to address the situation, UK Steel is urging the government to expedite the implementation of the agreement to eliminate UK steel import taxes. The ongoing negotiations between the UK and the US regarding steel tariffs will be a focal point for UK business secretary Jonathan Reynolds and his US counterpart, Jamieson Greer, at an upcoming OECD meeting in Paris.
The UK exports approximately £700 million worth of steel and aluminium to the US annually, despite it being a relatively small portion of the market. The uncertainty surrounding the UK-US trade deal leaves businesses facing added complexity and costs in their American trade. The specialized steel exported by the UK to the US, particularly for use in applications such as nuclear submarines, poses a challenge for the US to find alternative sources. The unpredictability of Trump’s trade policies serves as a reminder that no outcome is assured
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