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

North Sea Oil Project Delayed Amid Windfall Tax...

June 6, 2024

145,000 Bounce Back Loans worth £3.8bn in Arrears

May 3, 2023

Over half of UK marketers believe consumer segmentation...

October 3, 2023

UK government demands answers from Amazon over policy...

August 12, 2023

Empowering Communities Through Healthcare: A Conversation with Lena...

January 16, 2025

Insights from Kenneth Petterson, Director of Donor Engagement...

October 23, 2024

QNET Has Satisfied Customers in Over 100 Countries

October 21, 2023

Investing in Grenada Property for Securing Citizenship

November 11, 2024

Is it last orders for the UK craft...

May 26, 2025

Businesses to learn next week how the government...

September 15, 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

    • Elon Musk warpath against Trump’s ‘big, beautiful bill’ rattles House GOP

      June 4, 2025
    • Durbin obstruction threat chills Senate as Trump nominees hang in balance

      June 4, 2025
    • Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s ‘big, beautiful bill’

      June 4, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 4, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 4, 2025
    • Johnson says Republicans ‘don’t have time’ to craft new Trump plan despite Musk’s call to ‘KILL the BILL’

      June 4, 2025

    Categories

    • Business (8,143)
    • Investing (2,006)
    • Politics (15,518)
    • Stocks (3,127)
    • 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