The recent implementation of President Trump's 25% tariffs on steel and steel derivative products has raised concerns for UK steelmakers and US customers. The absence of exemptions for the UK results in potential trade diversion, putting additional pressure on British markets already grappling with falling demand and rising costs. Industry leaders highlight the inadequacy of current safeguards against dumping, which have been liberalised despite decreased demand. Urgent calls are being made for the UK government to strengthen protections and prepare for the expiration of current measures, while further EU initiatives could exacerbate challenges for UK exports.
President Trump must surely recognise that the UK is an ally, not a foe. Our steel sector is not a threat to the US, but a partner to key customers, sharing the same values and objectives in addressing global overcapacity and tackling unfair trade.
The tariffs hit at an already difficult time for domestic producers, who continue to grapple with global overcapacity, sky-high energy costs, and depressed demand at home.
Although safeguards were introduced to protect UK steel from dumping, they have been gradually liberalised and quotas are now 22% larger than in 2018, despite UK steel demand having fallen by 16% in the same period.
Industry figures are urging the government to tighten existing measures and make clear plans for a new system of safeguards well before the current regime expires.
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