Summary
UK steelmakers face challenges due to the US decision to increase tariffs on steel imports from 25% to 50%. This new tariff, which starts on Wednesday, is causing concerns about delayed or canceled orders. The UK government is engaging with the US to understand the impact and seek an exemption from these tariffs.
Key Facts
- The US increased import taxes on UK steel and aluminum to 50%, up from 25%.
- The new tariffs will be effective starting Wednesday.
- The tariffs are part of ongoing trade discussions between the US and the UK.
- UK Steel warned of potential delays or cancellations in orders due to the tariff change.
- The UK government is working to resolve these issues and possibly exempt UK steel from the tariffs.
- UK exports about £700 million worth of steel and aluminum to the US each year.
- Talks to exempt UK from the tariffs will continue at an OECD meeting in Paris next week.
- The specialist steel exported by the UK is hard for the US to source elsewhere.
