UK industry heavyweights have branded Donald Trump’s tariffs on steel and aluminium imports as a “difficult day for trans-Atlantic trade” that will put “considerable pressure” on the UK’s metals sector.
Tariffs on the two widely-used metals come into force on Wednesday morning, meaning all UK steel and aluminium exports to the US will now be subjected to a 25 per cent levy.
The duties were first announced last month, and bosses from the UK’s steel and trade sectors lamented the fact the UK was unable to negotiate an exemption.
William Bain, head of trade policy at the British Chambers of Commerce (BCC) told City AM that the tariffs represented a “lose-lose scenario” for British and American firms.
“The introduction of tariffs will be a difficult day for trans-Atlantic trade and will plunge businesses, in both the US and UK, into a new age of uncertainty,” he said.
Meanwhile leading figures from Britain’s metals sector branded the levies “hugely disappointing” and warned they will only further hamper the UK’s struggling steel industry.
Gareth Stace, director general of UK Steel, said: “Our steel sector is not a threat to the US, but a partner to key customers.”
“These tariffs couldn’t come at a worse time for the UK steel industry, as we battle with high energy costs and subdued demand at home, against an oversupplied and increasingly protectionist global landscape,” he added.
Nadine Bloxome, chief executive of the Aluminium Federation, told City AM that her sector had already been forced to deal with preemptive shifts in trade patterns.
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