UK Steel Urges Government to Expedite US Tariff Negotiations
In a critical appeal, Gareth Stace, Director General of UK Steel, has called on the government to "apply rocket boosters" to negotiations aimed at eliminating US tariffs on steel imports. While the UK has dodged a doubling of tariffs to 50% for now, this reprieve may end if a trade agreement with the US is not finalized by July.
Speaking on BBC Radio 4’s Today programme, Stace recounted a recent period of intense uncertainty. He noted, “UK steel exporters were scrambling to contact customers, many of whom paused or canceled orders in response to presidential statements about increasing tariffs.” This disruption raises concerns about the impact on the UK’s second largest export market.
Heidi Alexander, UK Transport Secretary, emphasized the priority of finalizing the US trade deal, without committing to a specific timeline. She highlighted the UK’s success in negotiating the first deal with the US, which resulted in the exemption from the higher tariffs imposed on other nations.
The broader economic landscape is equally shaky, with G7 countries gathering to discuss trade as global economic headwinds intensify. EU officials expressed regret over the US’s tariff strategy, warning that it jeopardizes ongoing trade negotiations. In parallel, Mexico announced plans to seek an exemption from the newly raised tariffs, arguing that the situation is unfair given the US’s steel surplus with the country.
As steel companies reassess their shipping strategies, there is growing anxiety regarding the longer-term implications of fluctuating tariffs. Industry leaders, like Brandauer’s Rowan Crozier, voiced concerns over uncertainty affecting supply chains and customer confidence. With critical deadlines looming, the UK government must act swiftly to ensure stability in the steel sector and beyond.
Note: The image is for illustrative purposes only and is not the original image of the presented article.
