
UK steel sector urges clarity on timeframe for 0% US tariffs
LONDON, May 9 (Reuters) - Britain's steel sector on Friday urged clarity on when U.S. tariffs will be scrapped under a landmark first deal to remove President Donald Trump's levies on the sector.
Britain on Thursday hailed a deal with the U.S., which it said would reduce steel levies to 0% from 25% so that British producers could keep exporting to the United States.
However, details released late on Thursday showed the two sides must still formalise the security requirements and the quotas that the steel sector must abide by, leaving sector representatives unclear as to when levies will go.
"It's certainly not a formality; I mean there's clearly a lot that hasn't been fully determined and defined in the agreement as of yet," said Chrysa Glystra, Director, Trade and Economic Policy at industry body UK Steel.
Glystra added that firms did not know the supply chain conditions they would have to fulfil to take advantage of the tariffs.
"We don't really have a sense of when this will take effect and what the timescales will be."
Britain's steel sector contributed 1.7 billion to the UK economy in 2024, 0.1% of total output, and the future of the industry has been in some doubt.
The government last month intervened to keep the blast furnaces burning at the UK's last maker of virgin steel, seizing operational control from its Chinese owners.
Details of the U.S. deal released by the British government showed that access to the zero tariff was contingent on a pledge by Britain to "work to promptly meet U.S. requirements on the security of the supply chains of steel and aluminium products intended for export to the United States and on the nature of ownership of relevant production facilities."
"Understanding the United Kingdom will meet these requirements, the United States will promptly construct a quota," the agreement's General Terms said.
The Office of the United States Trade Representative said that the U.S. and UK "will negotiate an alternative arrangement" on the steel tariff.
Britain's trade ministry declined to give a timeframe for when the steel deal would be formalised.
UK Steel's Glystra said there was ongoing engagement with the British government that had been constructive.
"The fact that we now have a foundation of something which is better than what we had before is positive," she said.
"It's obviously not as positive as it would be if we were told that as of today, there were zero tariffs on steel, because that would be preferable."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily Mail
11 minutes ago
- Daily Mail
The cheap foreign meat flooding Britain's supermarket shelves: Farmers' fury over rise in beef and chicken imports from countries 'with lower animal welfare standards'
Cheaper chicken and beef from Australia, Poland and Uruguay is being increasingly seen at UK supermarkets, angry British farmers warned today. Chains such as Morrisons, Sainsbury's and Asda are importing meat from countries with lower animal welfare standards, according to the National Farmers' Union. Sirloin steak from Australia, raw chicken from Poland, sirloin and ribeye steaks from Uruguay and wagyu beef from New Zealand have all been spotted on UK shelves. Supermarkets are being accused of a 'huge betrayal of the UK's hard-working family farms' as they try to source cheaper imports to help keep their prices down. The NFU said the shift comes at a time when farmers in Britain already face an 'unprecedented number of challenges' amid concerns over recent trade deals. The union also pointed out that British livestock farmers adhere to robust standards, with consumers advised to look for the Red Tractor logo carrying the Union Jack. The UK has an animal welfare standards ranking far above all the other countries - listed as B, according to the World Animal Protection's Animal Protection Index. This is compared to C for Poland and New Zealand and D for Uruguay and Australia. Morrisons, which sponsors TV show Clarkson's Farm, is now selling raw chicken and Australian beef – the latter of which was made possible by Liz Truss's much-criticised post-Brexit trade deal with Australia in 2021, NFU sources told The Guardian. Tim Farron, the Liberal Democrat environment spokesperson, tweeted: 'This is appalling from Morrisons. They seek kudos for their UK sourcing but then sneakily do this, undermining British farmers and undermining their own integrity and brand.' Meanwhile Asda is selling sirloin and ribeye steaks from Uruguay, priced much lower than the UK equivalents, under the Grass and Grill brand owned by Hilton Foods. They are priced at about £22/kg for sirloin and £24/kg for ribeye, which is around a fifth less than UK and Irish beef at £28/kg and £29/kg respectively. Stuart Roberts, a beef, sheep and cereal farmer from Hertfordshire, said on X: 'With farmers under pressure from multiple directions I'd be fascinated to learn why Asda have decided this is an appropriate time to start stocking Uruguayan beef. 'There is no excuse for this huge betrayal of the UK's hard-working family farms. Consumers and farmers deserve better.' Elsewhere, Sainsbury's has also been stocking wagyu beef from New Zealand – instead of Japan, where it normally comes from. NFU livestock board chairman David Barton said: 'It's deeply concerning to see major retailers now move away from their previous commitments to sourcing British in the last few weeks in favour of imports, many of which have been produced to lower standards. 'Farmers' long-standing partnerships with retailers have supported sustainable supply chains, so this shift is alarming. 'Over the past year, the industry has heard warm words from almost every major retailer pledging support for British farmers. But these words ring hollow when British produce is not given pride of place on shelves.' He added that decisions to 'renege on sourcing commitments' are damaging trust and farmer confidence at a time of global insecurity when sustainable food supply chains have 'never been more important'. Mr Barton continued: 'British farmers have invested in higher standards such as reducing antibiotic use in beef and lowering poultry stocking densities in sheds. 'Consumers want these high-quality production systems, shown by over one million people signing our petition for import standards to match the UK's. 'But delivering these standards comes with additional financial costs. Long-term sourcing commitments from retailers are essential to ensuring that the high welfare British food consumers want remains available.' A Morrisons spokeswoman said: 'Morrisons remains 100 per cent British on all our meat counters. In our aisles – alongside our New Zealand lamb – we are introducing trials of some imported meat from trusted suppliers to help us offer outstanding value through the seasons and through any supply fluctuations. An Asda spokesman added: 'We always look to offer customers a wide choice of products to suit all budgets, and the country of origin is always clearly labelled on pack so customers can make an informed choice about their purchases. 'Grass & Grill steaks are provided by a branded partner and available in our stores for a limited time only. All of Asda's own brand fresh beef continues to be sourced from farms in the UK and Republic of Ireland.' And a Sainsbury's spokeswoman said: 'We're proud to work with thousands of British farmers year-round and the vast majority of our beef range is sourced from the UK and Ireland. We have no plans to change this approach. 'All of our suppliers also have to meet the same rigorous quality standards, regardless of where the product is sourced from. 'These seasonal products account for just 0.1 per cent of our beef range and are an example of where there are times we may also source from elsewhere like New Zealand, so that we can continue to meet customer demand. 'The country of origin is clearly labelled, to help our customers make informed choices when they shop with us.'


The Sun
17 minutes ago
- The Sun
‘Son of Concorde' jet that could fly from London to NYC in 3.5 hours steps closer to reality as major ban is lifted
CONCORDE-STYLE flights capable of blasting passengers from London to New York City in 3.5 hours have edged closer to reality after a major ban was lifted. "Son of Concorde" maker Boom Technology has welcomed President Trump 's executive order that effectively lifts the 52-year ban on civil supersonic flight over land in the US. 4 4 4 Tight restrictions on supersonic flights have been in place due to the loud sonic boom created by the shock waves from a flying object travelling faster than the speed of sound. "America once led the world in supersonic aviation, but decades of stifling regulations grounded progress," the White House said. "This Order removes regulatory barriers so that U.S. companies can dominate supersonic flight once again." To hit supersonic speeds, an airplane needs to travel at 768 miles per hour. But Boom Technology has been working on a jet that has no audible sonic boom. The firm managed to make its XB-1 test jet fly faster than the speed of sound for the first time in January this year. Writing on X, the company welcomed the latest move, saying: "Thank you, President Trump, for unlocking the future of faster and quieter travel. "This presidential action comes after a bipartisan group of key Congressional leaders introduced the Supersonic Aviation Modernization Act on May 14, 2025. "The legislation calls on the FAA to revise the regulation prohibiting supersonic flight over land." After finishing tests with XB-1 in January, Boom is now focused on building a plane suitable for passengers called Overture. Boom 'son of Concorde' flies supersonic for first time Some 130 aircraft pre-orders have already been made by the likes of American Airlines, United Airlines, and Japan Airlines. The executive order does come with a set of rules that the Administrator of the Federal Aviation Administration (FAA) has been directed to impose. An interim "noise-based certification standard" must be established that considers "community acceptability, economic reasonableness, and technological feasibility". Why did the Concorde fail? CONCORDE was the supersonic passenger jet considered the ultimate luxury in air travel. Air France and British Airways announced they would be retiring their fleet of Concorde planes on April 10, 2003. The plane had its first commercial flight on January 21, 1976, so was retired after 27 years of service and 50,000 flights. Several reasons led to the decision to retire Concorde. Air France and British Airways cited low passenger numbers and high maintenance costs. By the early noughties, the planes were outdated and expensive to run, despite being incredibly advanced when they were first introduced almost three decades previously. The 9/11 terrorist attack in 2001 majorly impacted passenger numbers, as people opted not to fly. Passenger numbers also fell after an Air France Concorde crashed just minutes after taking off from Paris in July 2000. The disaster killed all 109 people on board and four others on the ground. The plane ran over a small piece of metal on the runway, which burst a tyre and caused an engine to ignite. It was also the only aircraft in the British Airways fleet that required a flight engineer. Image credit: Alamy Trump was presented with a miniature model of Overture earlier this year from Boom Technology's CEO. He suggested that Boom should manufacture Air Force One - the President's personal plane - and made a dig at China President Xi Jinping. "Air Fore Once should be supersonic. Xi [President of China] can keep his 747-8," he wrote. 4 Supersonic and Hypersonic Jets There are several types of hypersonic and supersonic jets. A breakdown of what's been happening in the industry and what's expected in the coming years. Talon-A Built by Stratolaunch Reported speeds of Mach 5 The first test flight conducted in 2024 X-59 Quesst Built by Nasa and Lockheed Martin Predicted max speeds of Mach 1.4 The first test flight in 2024 - but subject to delays Venus Stargazer M4 Built by Venus Aerospace and Velontra Predicted max speeds of Mach 6 First test flight in 2025 Quarterhorse MKII Built by Hermeus Predicted max speeds of Mach 2.5 First test flight in 2026 Halcyon Built by Hermeus Predicted max speeds of Mach 5 First test flight by 2030 Nanqiang No 1 Built by China's hypersonic plane programme Predicted max speeds of Mach 6 First test flight in 2025 DART Built by Hypersonix Launch Systems Predicted max speeds of Mach 7 First test flight in 2025


Telegraph
18 minutes ago
- Telegraph
Major lenders raise mortgage rates ahead of Reeves's spending review
Two major lenders have raised mortgage rates amid fears Rachel Reeves's spending spree will slow down interest rate cuts. Barclays has announced rate rises of around 0.1 and 0.15 percentage points across a range of fixed-rate deals right after HSBC announced similar increases. It comes as the Chancellor prepares to publish her £300bn spending review today, having already set out an £87bn increase in public spending over the next two years. Experts said it could spell pain ahead for mortgage borrowers, as economists warn Reeves had reduced the chances of a rate cut this year. Barclays increased the rate on its five-year fixed-rate deal for those remortgaging with a 60pc loan-to-value ratio from 3.86pc to 4.03pc, leading some brokers to declare the end of sub-4 pc deals. Five-year swaps are currently at 3.71pc up from around 3.6pc a few weeks ago due to a number of factors including uncertainty around US trade policy. The Bank of England cut rates from 4.5pc to 4.25pc in May, but a rate cut in June looks unlikely after data revealed higher-than-expected inflation. Adrian Anderson, of broker Anderson Harris, said: 'I'm not surprised some lenders have increased rates because the cost of borrowing has increased slightly. 'Markets will be looking closely at the spending review. Rachel Reeves needs to strike a delicate balance between not upsetting the bond market while also not upsetting voters. If it looks like she is going to have to borrow more, that will impact swap rates.' Nicholas Mendes, of broker John Charcol, said: 'Looking further afield, mortgage rate cuts are likely to slow. Much of the expected base rate movement from the Bank of England has already been priced in, so unless we see a sharp shift in swap rates or economic data, there's limited room for significant reductions. 'If anything, we could be in for a period of relative stability – a bit of sideways movement rather than any dramatic repricing.' Harry Goodliffe, of broker HTG Mortgages, said: ' We're definitely seeing the sub-4pc deals slip away, and fast. Barclays and HSBC hiking rates feels like a mix of reacting to rising funding costs and not wanting to be overwhelmed with demand. No lender wants to be too competitive in a market this uncertain.' However, other lenders have moved in the opposite direction, with NatWest cutting rates by up to 0.23 percentage points. Aaron Strutt, of broker Trinity Financial said: 'Some borrowers still believe we are in a rate-cutting environment where mortgages are getting cheaper, but this is generally not the case.' He added: 'While the cost of funding does seem to have stabilised, it would not be a surprise to see more lenders pushing up their prices over the coming days.' According to financial data provider Moneyfacts, the average rate on a two-year fix fell 0.06pc to 5.12pc last month, compared to a 0.14pc drop a month prior, in a sign that the mortgage price war we saw earlier this year is cooling off.