UK trade secretary to seek exemption from US steel and aluminium tariffs
The UK's trade secretary, Jonathan Reynolds, will meet his US counterpart next week to thrash out a timeline for exempting the UK from US steel and aluminium tariffs after Donald Trump announced he would double them.
British officials are seeking clarity on the implications of Trump's announcement on Friday night that he planned to double the tariffs from 25% to 50% from Wedneday 4 June, piling further pressure on global steel trade.
Reynolds is expected to meet his US counterpart, Jamieson Greer , at the OECD meeting in Paris next week. He will seek to agree a timeline for implementing the deal agreed to lower steel, aluminium, auto and other product tariffs.
A UK government spokesperson said: 'The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel.'
'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry.'
The Guardian reported that British officials were intensifying trade talks with the US and hope to see the deal implemented within weeks.
A government source said: 'Some countries are viewing the court ruling as an indication that they were right not to negotiate over tariffs. We're taking the opposite view, and trying to get this deal implemented as soon as possible.'
Trump and Keir Starmer announced a US-UK trade deal earlier this month under which on British steel and aluminium will be reduced to zero, and tariffs on up to 100,000 British cars a year will be reduced from 25% to 10%.
The deal did not cover Trump's blanket 10% tariffs on all foreign imports, which a federal court overturned last week, arguing that the US president had overstepped his powers. An appeals court paused the ruling and said Trump's tariffs could continue while it examines the arguments.
The European Commission said on Saturday that it 'strongly' regretted Trump's decision to double steel and aluminium tariffs, and warned that the EU was prepared to retaliate.
'This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic,' a spokesperson for the commission said, adding that 'the tariff increase also undermines ongoing efforts to reach a negotiated solution'.
'The EU is prepared to impose countermeasures, including in response to the latest U.S. tariff increase.'
'The European Commission is currently finalising consultations on expanded countermeasures. If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July – or earlier, if circumstances require.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
12 minutes ago
- Los Angeles Times
China says U.S. moves on computer chips and student visas ‘seriously violate' tariffs truce
TAIPEI, Taiwan — China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas. 'These practices seriously violate the consensus,' the Commerce Ministry said in a statement, referring to a China-U.S. joint statement in which the United States and China agreed to slash their massive recent tariffs, restarting stalled trade between the world's two biggest economies. But last month's de-escalation in President Trump's trade wars did nothing to resolve underlying differences between Beijing and Washington and Monday's statement showed how easily such agreements can lead to further turbulence. The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last. U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The Commerce Ministry said China held up its end of the deal, canceling or suspending tariffs and non-tariff measures taken against the U.S. 'reciprocal tariffs' following the agreement. 'The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' while China has stood by its commitments, the statement said. It also threatened unspecified retaliation, saying China will 'continue to take resolute and forceful measures to safeguard its legitimate rights and interests.' Trump stirred further controversy Friday, saying he will no longer be nice with China on trade, declaring in a social media post that the country had broken an agreement with the United States. Hours later, Trump said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted. 'So much for being Mr. NICE GUY!' In response to recent comments by Trump, the Commerce Ministry said of the U.S.: 'Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.' U.S. Commerce Secretary Howard Lutnick said that the Chinese were 'just slow rolling the deal' from Geneva. Appearing on Fox News on Sunday, Lutnick said the U.S. was 'taking certain actions to show them what it feels like on the other side of that equation,' adding that Trump would 'work it out' with Xi. The Trump administration also stepped up the clash with China in other ways last week, announcing that it would start revoking visas for Chinese students studying in the U.S. U.S. campuses host more than 275,000 students from China. Both countries are in a race to develop advanced technologies such as artificial intelligence, with Washington seeking to curb China's access to the most advanced computer chips. China is also seeking to displace the U.S. as the leading power in the Asia-Pacific, including through gaining control over close U.S. partner and leading tech giant Taiwan. Bodeen writes for the Associated Press.
Chicago Tribune
15 minutes ago
- Chicago Tribune
China says US moves on computer chips and student visas ‘seriously violate' tariffs truce
TAIPEI, Taiwan — China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas. 'These practices seriously violate the consensus,' the Commerce Ministry said in a statement, referring to a China-U.S. joint statement in which the United States and China agreed to slash their massive recent tariffs, restarting stalled trade between the world's two biggest economies. But last month's de-escalation in President Donald Trump's trade wars did nothing to resolve underlying differences between Beijing and Washington and Monday's statement showed how easily such agreements can lead to further turbulence. The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last. U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The Commerce Ministry said China held up its end of the deal, canceling or suspending tariffs and non-tariff measures taken against the U.S. 'reciprocal tariffs' following the agreement. 'The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' while China has stood by its commitments, the statement said. It also threatened unspecified retaliation, saying China will 'continue to take resolute and forceful measures to safeguard its legitimate rights and interests.' Trump stirred further controversy Friday, saying he will no longer be nice with China on trade, declaring in a social media post that the country had broken an agreement with the United States. Hours later, Trump said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted. 'So much for being Mr. NICE GUY!' In response to recent comments by Trump, the Commerce Ministry said of the U.S.: 'Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.' U.S. Commerce Secretary Howard Lutnick said that the Chinese were 'just slow rolling the deal' from Geneva. Appearing on Fox News on Sunday, Lutnick said the U.S. was 'taking certain actions to show them what it feels like on the other side of that equation,' adding that Trump would 'work it out' with Xi. The Trump administration also stepped up the clash with China in other ways last week, announcing that it would start revoking visas for Chinese students studying in the U.S. U.S. campuses host more than 275,000 students from China. Both countries are in a race to develop advanced technologies such as artificial intelligence, with Washington seeking to curb China's access to the most advanced computer chips. China is also seeking to displace the U.S. as the leading power in the Asia-Pacific, including through gaining control over close U.S. partner and leading tech giant Taiwan.
Yahoo
16 minutes ago
- Yahoo
European Commission reveals details of von der Leyen's conversation with US Senator Graham
During a meeting in Berlin on 2 June, President of the European Commission Ursula von der Leyen and US Republican Senator Lindsey Graham discussed coordination of tough US and EU sanctions against Russia. Source: European Commission press service, as reported by European Pravda Details: Graham and von der Leyen discussed joint coordination of sanctions against Russia in response to its ongoing aggression against Ukraine. "This morning in Berlin, President von der Leyen met with US Senator Lindsey Graham to discuss EU-US coordination on sanctions in response to Russia's ongoing war of aggression against Ukraine," the European Commission reported. Von der Leyen stressed that both the European Union and the United States "need a real ceasefire, we need Russia at the negotiating table, and we need to end this war". "Pressure works, as the Kremlin understands nothing else," the European Commission president stated. Von der Leyen "welcomed that Senator Graham committed to ramping up pressure on Russia and moving ahead with the [sanctions] bill in the Senate next week". The European Commission reiterated that the EU is preparing its 18th package of tough sanctions, which will target Russia's energy revenues, including Nord Stream infrastructure, the Russian banking sector and a reduction of the oil price cap. "These steps, taken together with US measures, would sharply increase the joint impact of our sanctions," von der Leyen said. Background: Graham is also expected to meet with German Foreign Minister Johann Wadephul in Berlin on 2 June. Earlier, Graham stated that he aimed to introduce new sanctions against Russia before the upcoming G7 summit in June. Graham expects the upper house of Congress to begin considering new large-scale sanctions against Russia as early as this week due to the lack of progress in achieving a ceasefire in Ukraine. Support Ukrainska Pravda on Patreon!
