Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK steel industry faces fresh crisis as US tariff jumps to 50%

by May 31, 2025
May 31, 2025
UK steel industry faces fresh crisis as US tariff jumps to 50%

Britain’s steelmakers are bracing for a sharp escalation in trade tensions after the United States signalled it will double import tariffs on UK steel to 50% from Wednesday — despite a recent transatlantic deal to remove such duties.

The expected hike replaces the 25% tariff President Trump imposed on foreign steel earlier this year, which officially came into force on 12 March. Although the Prime Minister announced on 8 May that a breakthrough deal had been reached with the US to eliminate the steel levy, that agreement has yet to be finalised — leaving UK steel exports in limbo.

UK Steel, the industry’s trade body, warned that unless urgent clarity is provided, all UK steelmakers exporting to the US could be hit by the punishing new tax within days. The US is Britain’s second-largest steel export market, worth approximately £400 million annually and accounting for 9% of total exports by value.

Gareth Stace, Director-General of UK Steel, described the move as “yet another body blow” to an industry already struggling with global price volatility and rising production costs.

“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,” he said.

Stace warned that 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. “Uncertainty remains as to whether and when our second-biggest export market will be open for business or is being firmly shut in our faces.”

The 50% tariff forms part of a wider escalation in US protectionism under President Trump, who has imposed sweeping duties on steel, aluminium and other imports from countries running trade surpluses with America. Although a temporary 90-day pause on reciprocal tariffs was announced earlier this month, the UK appears to have fallen into a regulatory gap as officials scramble to implement the terms of the UK-US accord.

Stace urged the UK government to act decisively and finalise the deal before the new tariffs take hold.

“UK Steel is now pressing our government to eliminate UK steel import tax and for it to come into effect urgently. UK steelmakers should not have to shell out for this new steep hike in US steel tariffs. All we want is to continue producing the steel our US customers value so highly.”

Industry leaders fear that unless the agreement is swiftly ratified, UK producers could face cancelled contracts, lost market share and long-term damage to their trade relationships with US buyers.

The Department for Business and Trade has not yet commented on the latest developments.

Read more:
UK steel industry faces fresh crisis as US tariff jumps to 50%

0
FacebookTwitterGoogle +Pinterest
previous post
Hunter Biden seen driving Toyota rental in South Africa after his Secret Service detail was terminated
next post
Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

You may also like

Uber launches Courier service in UK to help...

May 22, 2025

Competition and Markets Authority opens probe of Microsoft’s...

September 16, 2022

Amazon to require self-publishers to declare if content...

September 12, 2023

Why I’m Supporting British Farmers Against Ill-Thought-Out Inheritance...

November 17, 2024

Mutual fund Fidelity says value of X down...

January 3, 2024

Meet the Company Disrupting the UK Wood Fuel...

April 26, 2023

King Charles Presented with New Banknotes Featuring His...

April 10, 2024

Two-thirds of small businesses want to invest in...

May 10, 2023

UK house prices rise for third month in...

April 6, 2023

UK firms are cutting ties with China amid...

July 31, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved