The UK steel industry is bracing for major challenges as the US plans to double import tariffs from 25% to 50% on UK steel, affecting approximately £400 million in exports. Despite a recent agreement to address these tariffs, clarity remains elusive, creating confusion and fear among UK steelmakers, who are concerned about potential order cancellations. Gareth Stace, Director-General of UK Steel, has expressed his concerns over the impact of these tariffs amidst existing industry struggles, and the uncertainty surrounding trade with one of their largest export markets.
UK steel companies are this morning fearful that orders will now be cancelled, some of which are likely being shipped across the Atlantic as we speak.
The doubling of tariffs plunges the UK steel industry further into confusion, noting that the long-promised resolution between the two governments has yet to materialise.
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