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The UK government has fast-tracked its steel industry consultation after former US President Donald Trump announced new 25% tariffs on all steel and aluminium imports to the United States. The "Plan for Steel" aims to address key challenges such as high energy costs and unfair international trading practices, the Department for Business and Trade stated.
Labour's government had pledged a £2.5 billion ($3.15 billion) investment in the steel sector, with a formal strategy expected in the spring. Business and Trade Secretary Jonathan Reynolds reaffirmed the industry's long-term future under the current administration, emphasizing the government's commitment made during the election.
Reynolds also highlighted ongoing efforts to negotiate with the US to exempt British steel and aluminium from tariffs, citing their critical role in US defense and manufacturing supply chains. Trump's latest tariffs add to existing duties on metals, but he suggested potential for an agreement with the UK.
UK Steel, an industry body, warned that these tariffs could severely impact the sector, as the US is the second-largest export market for UK steel, valued at over £400 million annually. Reynolds expressed optimism about building stronger ties with the Trump administration, which he believes views Britain more favorably than other tariff-targeted nations.
The UK and US trade goods and services worth hundreds of billions of dollars each year, and the new tariffs pose significant risks to the UK steel industry’s global competitiveness. The government’s swift response aims to mitigate these risks and secure the industry's future through strategic investment and diplomatic engagement.
