Displaying items by tag: steel

The Government has stated it will not immediately retaliate against the renewal of US steel and aluminium tariffs, instead opting for a measured approach. Trade minister Douglas Alexander emphasised the need for a 'cool and clear-headed' response rather than a knee-jerk reaction. The 25% tariffs, set to take effect from 12 March, are designed to reduce foreign imports and boost US steel production. While the UK only exports 10% of its steel to the US, certain specialist suppliers could face severe impacts; the tariffs could also lead to an influx of cheaper foreign steel into the UK, undercutting domestic manufacturers. In response, UK Steel and unions are urging the Government to increase domestic steel purchases and protect jobs. Other nations, including Canada and the EU, have condemned the tariffs and vowed retaliatory measures, while the UK remains committed to diplomatic engagement. Donald Trump, who imposed similar tariffs in 2018, has indicated no exemptions this time, except possibly for Australia.