US tariffs on steel would be ‘devastating blow’ for UK | United Kingdom
President Trump’s proposed 25% tariffs on steel and aluminium imports into the US on top of existing duties would be a ‘devastating blow’ to the UK industry, according to the UK Steel Director General. Gareth Stace said the US is the UK’s second largest export market after the EU and at a time of shrinking demand and high costs, rising protectionism will stifle exports and damage over £400m-worth of the steel sector’s contribution to the UK’s balance of trade. “It is deeply disappointing if President Trump sees the need to target UK steel, given our relatively small production volumes compared to major steel nations,” he said. The UK supplies the US with products for defence, aerospace, stainless, and other critical sectors, exporting around 200,000 tonnes annually. It is currently partially shielded from the effects of… Read More »US tariffs on steel would be ‘devastating blow’ for UK | United Kingdom