Hopes fade of deal to cut US tariffs on British steel exports
Trump in June exempted British steel and aluminium exports from new 50 per cent tariffs, while giving the UK government five weeks to finalise details of the trade deal.
He warned that if an agreement was not completed by then the US 'may increase the applicable rates of duty to 50 per cent … on or after July 9'.
• What do steel tariffs mean for UK-US trade deal?
Despite talks between the two sides since, no agreement has been reached on what types of steel will be covered by a new zero-tariff quota system agreed in principle under the US-UK trade agreement.
There has been concern that the largest steel producer in the UK, Tata Steel, may be ineligible for the scheme because it is not making steel from scratch in Britain as it replaces its old blast furnaces with new electric arc furnaces.
The industry is also concerned that despite presently paying the lower 25 per cent tariff rate on imports, many US customers are holding off from making orders in the hope that a zero-tariff agreement will be struck in the coming weeks.
Gareth Stace, director-general of UK Steel, the trade group, said the failure to get the deal over the line was costing the industry and time was 'ticking on'. He said: 'Every day of delay costs our steelmakers dearly. Contracts slip away, investment plans stall and uncertainty freezes business decisions. A swift and positive resolution is urgently needed to safeguard jobs, unlock growth and restore confidence in the UK steel sector.'
He added: 'While the secretary of state continues to push forward negotiations to remove US tariffs, and we recognise his commitment to the future of the UK steel industry, time is passing without an end in sight.'
Senior government sources said there was little optimism that an agreement could be reached on the steel element of the trade deal by Wednesday's deadline but were hopeful that Trump would not respond by increasing tariffs to 50 per cent.
'We are making progress but I think both sides recognise it is going to take a bit more time,' said a source. 'We are hopeful that July 9 is not a hard deadline from the American point of view and while we will not see tariffs fall to zero then neither will we see them double.'
• Battle to protect Tata Steel from Trump trade tariffs
Sources in the UK said there was a problem with 'bandwidth' within the US administration because July 9 also marks the expiry of the 90-day deadline Trump set countries to do a trade deal with the US or face his 'liberation day' tariffs of up to 50 per cent.
So far, only Vietnam has agreed a trade deal in principle although it is possible that more deals will be agreed in the coming days.
'As far as many people in the administration are concerned, the UK deal is basically done,' a source said. 'While agreeing steel and aluminium quotas are critical for us, they are not currently a top priority in Washington.'
Last week, Trump said the US would start sending out letters to countries with details of higher tariff rates that would start on August 1. The import duties would range from '60 per cent or 70 per cent tariffs to 10 to 20 per cent tariffs'.
He did not say which countries would face the taxes nor whether the rates would only apply to certain goods. 'My inclination is to send a letter out and say what tariff they're going to be paying,' Trump said on Thursday. 'It's just much easier.' He added: 'We're going to be sending some letters out, starting probably tomorrow.'
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