The UK government will not impose counter-tariffs against the US despite the implementation of new 25% tariffs on steel imports by President Donald Trump. While the European Union and other allies have condemned the move and pledged to retaliate, the UK government has chosen a different path, raising concerns about the impact on the British steel industry.
The UK government has stated its intention not to retaliate against the United States with counter-tariffs despite the implementation of fresh 25% tariffs on steel imports by US President Donald Trump . Trump , in a White House address, announced the simplified tariff structure, emphasizing the need for American-made steel and aluminum. He declared, 'It’s a big deal. This is the beginning of making America rich again.
' The European Union has strongly condemned the decision, asserting that there is no justification for the tariffs and vowing to protect European businesses, workers, and consumers. Several European leaders, including French President Emmanuel Macron and German Chancellor Olaf Scholz, have expressed their readiness to counter the US tariffs. However, the UK government, despite potential harm to the British steel industry, has chosen not to follow suit. Industry experts and trade unions have expressed deep concern over the impact of these tariffs, warning of job losses and further strain on the already struggling steel sector. The UK exported a significant amount of steel to the US in 2023, making it the industry's second-largest export market after the EU. The UK Steel director general, Gareth Stace, emphasized the devastating consequences these tariffs would have on the industry, potentially damaging over £400 million worth of the steel sector's contribution to the UK's balance of trade. He also highlighted the quality and specialization of UK steel production, crucial for sectors like defense and aerospace. Trade unions, including Community and Unite, have urged the government to classify the steel industry as critical national infrastructure and to prioritize purchasing UK-produced steel for public sector projects. Downing Street has stated that the UK and US will engage on this matter and work together on economic issues. Meanwhile, the Liberal Democrats have called for crisis talks between the UK Prime Minister and leaders of Scotland, Wales, and Northern Ireland to address the tariff threat and protect the economy
STEEL TARIFFS TRUMP UK ECONOMY TRADE WAR BRITISH STEEL INDUSTRY
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