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A plan aiming to eliminate tariffs on UK steel exports to the US has been postponed indefinitely, as per reports from the BBC. Currently, there is a 25% tariff imposed on steel exports to the US, representing 6% of all UK steel exports by volume and 9% by value. Despite this challenge, senior government officials maintain that the UK remains competitive in comparison to other countries facing a 50% tariff.
During his second state visit, President Donald Trump expressed gratitude for being hosted by King Charles at Windsor Castle. He hinted at potential tariff relief for UK steel, amidst ongoing trade negotiations between the UK and the US. Despite a trade deal signed in June aimed at reducing tariffs on car and aerospace imports, an agreement on British steel was not reached, leaving the 25% tariff in place.
Following remarks from President Trump about assisting Britain in refining the trade deal, Peter Kyle, the new business secretary, expressed optimism regarding tariff relief for British steel being negotiated. This sentiment was echoed by industry sources who highlighted the importance of ensuring UK steelmakers have a sustainable market share. Despite setbacks in achieving zero tariffs, the UK government remains committed to supporting the steel industry and economic growth as part of its Plan for Change.
The shadow business and trade secretary, Andrew Griffith, criticized Prime Minister Keir Starmer regarding the delay in removing tariffs completely. Concerns have been raised by US officials regarding exports from Tata, the UK’s largest steel maker, which has temporarily halted production in anticipation of new Electric Arc furnaces. This delay comes at a challenging time for the UK steel industry, with government intervention needed to stabilize operations in various key plants
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