“TRUMP’S Steel Tariffs Ignite Fears Among UK Businesses”
— President Donald TRUMP plans a 25% tariff on steel imports, causing unease in the UK. The move, described as “without exceptions,” has led UK shadow business secretary Andrew Griffith to urge negotiations for an exemption. The Department for Business and Trade warns these tariffs could harm UK steelmakers by allowing cheaper imports to undercut them.
A survey shows 37% of UK entrepreneurs fear increased operational costs due to TRUMP’s proposed tariffs. With the US accounting for 22% of the UK’s total exports, the potential impact is significant. Entrepreneurs worry about staying competitive amid these new financial pressures.
In response, the UK government is taking steps to bolster its steel industry through a Plan for Steel Consultation initiative. This strategy includes up to £2.5 billion aimed at protecting jobs and fostering economic growth within the sector. These efforts highlight ongoing challenges in international trade relations between the US and UK under TRUMP’s tariff policies.