UK ‘disappointed’ as Donald Trump metal tariffs kick in | Global News Avenue

The UK says U.S. President Donald Trump’s import tariffs on steel and aluminum are “disappointing” as the 25% levy begins.

Trade Minister Jonathan Reynolds said the UK was taking a “pragmatic” approach, but the Conservatives said steelmakers raised concerns about cheap steel concerns about cheap steel due to U.S. tariffs, but the Conservatives said Labor had no plans.

Contrary to the UK, the EU said on Wednesday it would impose count tariffs on 26 billion euros (£22 billion) of U.S. goods.

Trump hopes tariffs will increase U.S. steel and aluminum production, but critics say it will raise prices for U.S. consumers and curb economic growth.

The U.S. market sank on Monday and Tuesday As traders and analysts express fears of recession.

The tariffs proposed on Wednesday mean that U.S. businesses that we hope to bring steel and aluminum into the country will have to pay a 25% tax on it.

These fees may be passed on to American consumers.

EU President Ursula von der Leyen said the tariffs “bring uncertainty to the economy. Employment danger, prices rise, no one doesn’t need them in the EU or the US.”

She said the EU’s retaliatory tariffs were “strong but proportionate” and that the EU remained “open to negotiations”.

EU tariffs will be imposed on “products from ships to bourbons to motorcycles” The EU says. They will be introduced in part on April 1 and fully on April 13.

Gareth Stace, director-general of the British industrial organization Steel Corporation, said the U.S. move was “very disappointing” and urged the U.S. to cooperate with the U.K. rather than oppose it.

He said some steel companies’ contracts have been cancelled or put on hold, adding that U.S. customers must pay an additional £100 million in taxes each year.

He said tariffs will “work to hit us” when steel is imported into the UK and that the industry is “struggling” with energy prices.

He said the tariffs imposed by the U.S. on the U.S. could mean cheap international steel has flooded the British market and put more pressure on domestic producers.

Joint Secretary-General Sharon Graham called on the government to “decisively protect the steel industry, adding that the public sector should “always buy steel produced in the UK”.

Community unions require taxes on carbon-intensive steel, including metals produced in China and India.

According to the International Bureau of Steel Statistics, the United States accounts for about 8% of the UK’s £4.7 billion exports.

But for some specialty suppliers, the United States accounts for a large part of its overall business.

Philip Jackson, managing director of Bright Steels, who employs 75 employees in Malton, North Yorkshire, said tariffs could lead to lower orders from customers in the U.S.

He said that this won’t deal with it, but it could affect profits and the company’s ability to invest in the future.

Commerce Secretary Jonathan Reynolds said the tariffs were “disappointing” but that the UK “focused on a pragmatic approach” and “very quickly negotiated” the U.S. trade deal.

He said the UK is “working with affected companies” and will “retain all options” to address national interests.

But conservative shadow business minister Andrew Griffith said Labor “can’t even let itself in the room” to negotiate with the United States,” while Liberal Democrats said Reynolds needed to be “strong.”

Last month the government It shows it will seek to exempt steel tariffsit is understood that the tax was discussed on a phone call between Prime Minister Sir Kyle Starmer and Sir Trump on Monday.

But in the United States, some welcome the American Academy of Iron and Steel (AISI) lobbying groups that will create jobs and promote U.S. steel manufacturing.

Its President Kevin Dempsey said the move closed the exemptions, exclusions and quotas regimes, allowing foreign producers to avoid tariffs.

In 2018, Trump imposed a 25% import tariff on steel and 10% aluminum during his first term as president, but eventually negotiated for many countries.

This time, the Trump administration said there will be no waivers.

The United States is a major importer of aluminum and steel, with Canada, Mexico and Brazil being one of its largest suppliers.

Tuesday, Trump gradually increases as Canada specifically doubles tariffs To deal with Ontario surcharges.

Others in the United States do not support tariffs.

Michael Dimarino operates Brooklyn-based Linda Tools, which makes parts for the aerospace industry. Everything he did involved some kind of steel, most of which came from American mills.

“If I have a higher price, I pass it on to customers. They have a higher price on it, pass it on to consumers,” said Mr Dimarino, adding that he supports calls for increased manufacturing in the United States, but warns the president’s move may backfire.

The American Automotive Coldive Council represents organizations of auto giants such as Ford, General Motors and Stellantis, who are “concerned that revoking the exemption for Canada and Mexico would add huge costs to automakers’ suppliers.”

Former Commerce official Bill Reinsch said tariffs could help the U.S. steel and aluminum industries, but harm the wider economy by making products more expensive.

Meanwhile, research firm Oxford Economics said in a report that it reduced its annual U.S. growth from 2.4% to 2%, and made a steeper adjustment to the outlook for Canada and Mexico.

Other reports from Michelle Fleury of New York and Ben King of London.