Why it matters:
The introduction of these tariffs could have significant repercussions for the UK steel and aluminum industries, which are now facing increased costs and potential job losses. The UK's response, or lack thereof, may also impact its trade relationship with the U.S. and its standing within the EU.
The big picture:
The tariffs come at a time when the UK government, which considers itself the closest ally of the U.S., had hoped to be exempt from such measures, especially following Prime Minister Keir Starmer's recent meeting with President Donald Trump. The EU has already announced retaliatory tariffs on $28 billion worth of American goods in response to the U.S. actions.
What they are saying:
Donald Trump previously stated, "Tariff is a beautiful word," claiming it would boost the U.S. economy.
In contrast, Alasdair McDiarmid, Deputy General Secretary of the Community Union, remarked that the U.S. tariffs on steel are "completely damaging and threaten jobs in this industry," adding that the specialized steel from the UK is essential for U.S. defense and aerospace industries, indicating that these tariffs could harm the U.S. as well.
The Daily Mail reports that UK steel and aluminum industry leaders believe the tariffs are being imposed at "the worst possible time."
The Guardian highlights that the Community Union has labeled the tariffs as "self-harm" for the U.S.
Australia’s Deputy Prime Minister Richard Marles called the tariffs "really disappointing," emphasizing that Australia is seeking alternative markets for its steel and aluminum exports.
Key points:
- The UK government is considering a long-term trade agreement with the U.S. despite the tariffs.
- Experts warn that the U.S. tariffs could severely impact the stock values of steel companies, and without new markets for steel, many jobs in the European steel and aluminum sectors could be at risk.
Go deeper:
U.S.-India Relations Deteriorate Under Trump Administration
China Expands Tariff War With Canada
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Zohre Khazaee
