British steelmakers confront uncertainty due to unresolved negotiations with the US regarding steel and aluminium tariffs. The UK has secured a reduced 25% tariff rate, with efforts aimed at achieving a full exemption before a 9 July deadline. Failure to reach an agreement may result in a punitive 50% tariff hike. The US aims to implement tariff removals following a recent agreement at the G7 summit, yet formalities remain incomplete, and new tariff rates are expected to take effect 1 August.
"Our work with the US continues to get this deal implemented as soon as possible. That will remove the 25% tariff on UK steel and aluminium, making us the only country in the world to have tariffs removed on these products."
"While the US has agreed in principle to eliminate tariffs following a UK-US agreement signed at the G7 summit in Canada last month, the deal has yet to be formally implemented."
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