Trump's Tariffs and the Impact on British Firms
US President Donald Trump has announced a 25 per cent import tax on all steel and aluminium products entering the United States, leading to concerns for British firms facing a financial hit. The move is seen as a step towards a potential global trade war.
Details of the Tariffs
Speaking aboard Air Force One before the Super Bowl, Trump stated that all steel and aluminium products entering the US will face a 25% tariff. Plans for reciprocal tariffs on countries with duties on US products are expected to be revealed later in the week.
Impact on UK Trade
The UK exported 166,433 tonnes of steel to the US in 2023, with a similar figure sent to the country. Home Office Minister Dame Angela Eagle expressed the need to wait for more specific details from Trump and highlighted the importance of maintaining a balanced trading relationship.
UK's Trading Relationship with the US
Trump's previous comments suggested that the UK could potentially avoid tariffs, citing the country as "out of line" in its trading relationship. With over £300 billion worth of trade between the UK and the US, both nations aim to uphold a balanced trade partnership.
