European Commission says it will impose counter-tariffs on US goods from April
- Full story: Trump tariffs on steel and aluminium come into effect amid US-Canada trade war
The tariffs will have “hugely damaging consequences for UK suppliers and their customers in the US,” the UK’s industry group UK Steel warns. They will also have a further harmful indirect effect of deflecting steel trade from the US into markets like the UK. Further reciprocal tariffs are expected to be announced by the US on 2 April.
The US is the UK’s second most important export market for steel after the EU, particularly as it is a high value market, UK Steel explains. US exports account for 9% of UK steel exports by value and 7% by volume. This is mostly specialist steel that goes into areas such as defence, oil and gas, construction equipment and packaging.
Today’s imposition of tariffs on UK steel from the US administration is hugely disappointing. President Trump must surely recognise that the UK is an ally, not a foe. Our steel sector is not a threat to the US, but a partner to key customers, sharing the same values and objectives in addressing global overcapacity and tackling unfair trade.
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. What’s more, the EU is also pushing ahead with trade restrictive action that will amplify the impact of US tariffs.
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