Sun, 16 Feb 2025

Sun, 16 Feb 2025 Trump steel tariffs negative for both UK and US, says Reynolds

US President Donald Trump is set to impose 25% taxes on steel entering the country "without exceptions".

* The UK Business Secretary says imposing US tariffs on UK steel would be negative for both countries.
* He argues that the UK can offer specialized steel exports, such as Navy submarine casings, which the US needs.
* The tariffs could push up costs for US taxpayers and lead to job losses in the UK steel industry.
* President Trump has said his tariffs will be enforced without exceptions or exemptions.
* The UK government has promised up to £2.5bn in support for the steel industry and launched a consultation on its Plan for Steel.
* The plan aims to reverse long-term issues facing the industry, including cheap imports flooding the domestic market.
* The government says it is working with key people in the Trump administration to negotiate an exemption from the tariffs.
* Shadow Business Secretary Andrew Griffiths says the uncertainty caused by US tariffs is a major concern for the steel industry.
* The UK steel industry has faced heavy job losses in recent years, with 2,800 jobs cut at Tata Steel's Port Talbot site.
* The government's plan will address issues such as electricity costs and making the UK competitive globally.
* Help for the sector will be available through the National Wealth Fund, which partners the government with the private sector and local authorities to finance infrastructure and other projects.
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