The UK steel industry warns of a potentially devastating blow from President Trump's newly announced 25 percent tariffs on steel and aluminum imports.
The UK steel industry could suffer a 'devastating blow' if President Donald Trump imposes new 25 per cent tariffs on all steel and aluminium imports, an industry body has warned. Speaking from Air Force One last night, Trump said he will impose a 25 per cent duty on steel and aluminium imports entering the US. He did not confirm whether this will replace or be levied on top of existing steel duties, but warned that it would impact 'everybody'.
Tom Clougherty, executive director at the Institute of Economic Affairs, said the UK should not impose retaliatory tariffs on the US. 'Tariffs are a tax on domestic consumers,' he said. 'That logic doesn't change just because other countries impose tariffs on the import of your goods. Retaliatory tariffs simply add to the pain.' Alongside his steel announcement, Trump also said he would announce reciprocal tariffs later this week on countries who levy tariffs on US imports.
UK Steel Industry Steel Tariffs Aluminum Tariffs International Trade Trade War US Trade UK Exports Global Economy Donald Trump
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