Latest news with #GarethStace
Daily Mail
3 days ago
- Business
- Daily Mail
Trump's doubling of steel tariffs to 50 per cent 'would be body blow to British industry' - with Keir Starmer's trade deal with US still not formally signed
Donald Trump 's doubling of steel and aluminium tariffs to 50 per cent would be a 'body blow' for British industry, say senior industry officials. The US President met with workers at a steel plant in Pittsburgh, Pennsylvania, on Friday night and said he would be doubling tariffs on imports from 25 per cent to 'further secure' the industry. He later confirmed the plans on his media platform Truth Social and announced that it would take effect on Wednesday, June 4. Mr Trump wrote: 'It is my great honor to raise the Tariffs on steel and aluminum from 25 per cent to 50 per cent. Our steel and aluminum industries are coming back like never before. 'This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN! We don't want America's future to be built with shoddy steel from Shanghai — we want it built with the strength and the pride of Pittsburgh!' Despite Britain clinching a trade deal with the US earlier this month - which would see tariffs on UK steel imports reduced to zero - this has not been formally signed yet. Director General of UK Steel, Gareth Stace, told The Times the move would be a 'body blow' for the industry and could see orders being delayed or cancelled. A government spokesman said: 'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for the industry. 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.' During Mr Trump's announcements he also said he was backing a 'planned partnership' between Pittsburgh-based US. Steel and Japan's Nippon. Despite this being well received at the rally, the United Steelworkers union and prominent Pennsylvania Democrats are said to be skeptical over the move. During Trump's remarks he also vowed to turn America's Rust Belt into a 'Golden Belt' - covered by his proposed 'Golden Dome' missile defense system. He said: 'We won't be able to call this section a Rust Belt anymore. It'll be a "Golden Belt"...It'll be part of a Golden Dome we're building to save everybody's lives.' To further endear himself to the crowd, Trump also brought a trio of former and current members of NFL team Pittsburgh Steelers who christened Trump a 'Steeler' for the day, giving him a 'Trump 47' jersey onstage. The President kicked off his appearance by boasting about his 2024 electoral win in Pennsylvania, saying: 'You voted for me, they never had a chance in Pennsylvania.' He then brought former Pittsburgh Steeler Rocky Bleier onstage with current players, second-string quarterback Mason Rudolph and safety Miles Killebrew. 'I'm a fan of your Steelers and I happen to think a really good quarterback is a man named Mason Rudolph. 'And I think he's going to get a big shot, he's tall, he's handsome, got a great arm and I have a feeling he's going to be the guy,' Trump said. The President had initially imposed a 25 per cent tariff on steel and aluminium imports in March before he proclaimed a 'Liberation Day' last month which saw him put a 10 per cent tariff on all imports. Mr Trump's steel tariffs were not affected by this week's US Court of International Trade ruling, which temporarily blocked his 'reciprocal tariffs' which were brought in using emergency legislation. That ruling has since been put on hold.
Yahoo
3 days ago
- Business
- Yahoo
UK steelmakers call Trump doubling tariffs 'another body blow'
UK steelmakers said US President Donald Trump's decision to double import taxes on steel and aluminium to 50% is "yet another body blow" to the industry. Trade group UK Steel warned some orders could be delayed or cancelled, with uncertainty surrounding some shipments which are already halfway across the Atlantic. Trump's new 50% import tax will come into effect on Wednesday. It will replace the 25% import tax that the US president announced earlier this year. A UK government spokesperson said it was engaging with the US on the implications of the latest tariff announcement to provide clarity to the industry. The US agreed on 8 May to drop import taxes on UK steel as part of a trade deal with the UK, but the original 25% tariff has been kept in place while the details of the deal are worked out. UK Steel director general Gareth Stace said: "The deal that Prime Minister Sir Keir Starmer and President Donald Trump struck just a few short weeks ago is yet to be finalised, so this doubling of tariffs plunges the UK steel industry further into is yet another body blow for all UK steelmakers in this torrid time. "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." Mr Stace said the trade group would now be "pressing our government to finalise the agreement 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," he said. A spokesperson for the UK government 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." The Guardian reported on Saturday that UK business secretary Jonathan Reynolds will meet his US counterpart Jamieson Greer at an OECD meeting - a global policy forum - in Paris next week, where they will seek to agree a timeline for exempting the UK from the US steel tariffs. Trump to double tariffs on steel imports The UK exports a relatively small amount of steel and aluminium to the US - about £700m-worth a year in total - but it is an important market. The UK situation should be relatively simple to resolve but until details of the UK-US deal are worked out, business with America is about to become more complicated and more expensive. It is unclear how long for. The type of specialist steel the UK exports to America - which is often used in things like nuclear submarines - means the US would struggle to source it elsewhere. Tariff-free trade is mutually beneficial. But this is yet another reminder that with Trump, nothing can be ruled out. Simon Jack: Tariff ruling doesn't really change US-UK deal Trump tariffs get to stay in place for now. What happens next? US and UK agree deal slashing Trump tariffs on cars and metals
BBC News
3 days ago
- Business
- BBC News
UK steelmakers call Trump doubling tariffs 'another body blow'
UK steelmakers said US President Donald Trump's decision to double import taxes on steel and aluminium to 50% is "yet another body blow" to the industry. Trade group UK Steel warned some orders could be delayed or cancelled, with uncertainty surrounding some shipments which are already halfway across the Atlantic. Trump's new 50% import tax will come into effect on Wednesday. It will replace the 25% import tax that Trump announced earlier this year. A UK government spokesperson said it was engaging with the US on the implications of the latest tariff announcement to provide clarity to the industry. The US agreed on 8 May to drop import taxes on UK steel as part of a trade deal with the UK, but the original 25% tariff has been kept in place while the details of the deal are worked Steel director general Gareth Stace said: "The deal that Prime Minister Sir Keir Starmer and President Donald Trump struck just a few short weeks ago is yet to be finalised, so this doubling of tariffs plunges the UK steel industry further into is yet another body blow for all UK steelmakers in this torrid time. "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."Mr Stace said the trade group would now be "pressing our government to finalise the agreement 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," he said. A spokesperson for the UK government 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."The Guardian reported on Saturday that UK business secretary Jonathan Reynolds will meet his US counterpart Jamieson Greer at an OECD meeting - a global policy forum - in Paris next week, where they will seek to agree a timeline for exempting the UK from the US steel to double tariffs on steel imports The UK exports a relatively small amount of steel and aluminium to the US - about £700m-worth a year in total - but it is an important UK situation should be relatively simple to resolve but until details of the UK-US deal are worked out, business with America is about to become more complicated and more expensive. It is unclear how long for. The type of specialist steel the UK exports to America - which is often used in things like nuclear submarines - means the US would struggle to source it trade is mutually beneficial. But this is yet another reminder that with Trump, nothing can be ruled out.
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The Independent
09-04-2025
- Automotive
- The Independent
Mapped: Which UK cities could be hit hardest by Trump's tariffs?
US tariffs are set to cause an 'uneven storm' across the UK with Coventry expected to be the worst affected, a think tank has warned. The West Midlands, the home of British car manufacturing, and Wales, which is a significant contributor to British steel, are likely to take the brunt of the economic impact caused by Donald Trump's escalating trade war, a study by Centre for Cities shows. The 10 per cent tariff on all imports will see the cost of UK goods rise across the Atlantic, from artisan cheese and beer to cars and machinery. But the additional 25 per cent tariff on steel and aluminium is set to significantly impact car manufacturing and the British steel industry. Coventry is the most exposed city, where more than 22 per cent of its total exports are estimated to be goods to the US. It is closely followed by Derby with 19.9 per cent of its goods exported to the US and Telford at 13.3 per cent, according to 2016 to 2022 data from the Office of National Statistics (ONS). Overall, 14.3 per cent of exports in Wales are to the US and 15.4 per cent in the West Midlands, Centre for Cities calculated from this data. On the other hand, the least impacted city is York at 2.7 per cent, which is seven times less exposed by tariffs than Coventry. Edinburgh (2.9 per cent), London (3.2 per cent) and Cardiff (3.7 per cent) all have low exposure to the impact of tariffs. That is because their economies are more service-oriented, and their goods exports make up a small share of their export industries. The West Midlands is a major hub for British car manufacturing, with notable brands like Jaguar, Land Rover, and Aston Martin. British Steel's headquarters is in Scunthorpe, Lincolnshire, with rolling mills in Teesside and Skinningrove. But Port Talbot in south Wales is home to the largest steel works in the UK. Gareth Stace, UK Steel director general, argued that US president Donald Trump has taken a 'sledgehammer' to free trade with 'huge ramifications' for the steel sector. 'Our high-quality products serve key US industries, many of which cannot source these domestically. This is a moment where our countries should work together to tackle global steel overproduction, not to be at loggerheads,' he added. The government is now considering nationalising British Steel as fears grow that the company's blast furnaces in Scunthorpe could run out of raw materials within days. There are fears that without government support, there could be huge job losses. The motor industry is also warning there could be 25,000 job losses in the UK due to 25 per cent tariffs on automobiles and parts. Car manufacturer Morgan Motors, based in Malvern, West Midlands, exports about 30 per cent of its products and builds around 650 cars a year. Bosses are concerned the tariffs will impact growth. 'The tariffs are not good news, and we do not welcome them at all. In the short term, it could stop people from purchasing cars,' James Guilbert, head of communications, told The Independent. 'There will be a knock-on impact to the wider supply chain, we buy materials from other suppliers in the Midlands and if they are impacted, we will be too.' The British Beer and Pub Association (BBPA) pointed out that its £126m trade with the US could be wiped out with a 25 per cent tariff charge on aluminium cans. CEO Emma McClarkin said: 'We urge the government to defend the great British brewing industry and strike a deal which removes these harmful tariffs. 'With the enormous cost of doing business, many British brewers won't be able to sustain a hit such as this from one of our biggest trading partners." Morgan Schondelmeir, tax and trade policy manager at BBPA told The Independent: 'It will decrease the incentive for smaller breweries to export. 'Although the amount exported is relatively small, this additional 25 per cent tariff on cans is only being applied to beer - not other beverages sold in cans. We are the only beverage being targeted specifically.' Responding to the latest on tariffs on Wednesday afternoon, doing a trade deal with the US or changing the rates of American tariffs will not be "enough", Sir Keir Starmer said. Asked by ITV's Peston if the 10 per cent tariff on importing goods to the US would be in place forever, the prime minister replied: "Look, I don't know. "We are negotiating and we hope to improve the situation, but what I mean by this is that simply thinking that any change in the rates, or any deal is going to be enough, to my mind is wrong, because just as we've done with defence and security, where we've recognised it's a changing world, we've got to step up and act differently.'
Sky News
04-04-2025
- Business
- Sky News
Last UK blast furnaces days from closure as Chinese owners cut off crucial supplies
The last blast furnaces left operating in Britain could see their fate sealed within days, after their Chinese owners took the decision to cut off the crucial supply of ingredients keeping them running. Jingye, the owner of British Steel in Scunthorpe, has, according to union representatives, cancelled future orders for the iron ore, coal and other raw materials needed to keep the furnaces running. The upshot is that they may have to close next month - even sooner than the earliest date suggested for its closure. The fate of the blast furnaces - the last two domestic sources of virgin steel, made from iron ore rather than recycled - is likely to be determined in a matter of days, with the Department for Business and Trade now actively pondering nationalisation. The upshot is that even as Britain contends with a trade war across the Atlantic, it is now working against the clock to secure the future of steelmaking at Scunthorpe. The talks between the government and Jingye broke down last week after the Chinese company, which bought British Steel out of receivership in 2020, rejected a £500m offer of public money to replace the existing furnaces with electric arc furnaces. The sum is the same one it offered to Tata Steel, which has shut down the other remaining UK blast furnaces in Port Talbot and is planning to build electric furnaces - which have far lower carbon emissions. However, the owners argue that the amount is too little to justify extra investment at Scunthorpe, and said last week they were now consulting on the date of shutting both the blast furnaces and the attached steelworks. Since British Steel is the main provider of steel rails to Network Rail - as well as other construction steels available from only a few sites in the world - the closure would leave the UK more reliant on imports for critical infrastructure sites. However, since the site belongs to its Chinese owners, a decision to nationalise the site would involve radical steps government officials are wary of taking. They also fear leaving taxpayers exposed to a potentially loss-making business for the long run. The dilemma has been heightened by the sharp turn in geopolitical sentiment following Donald Trump's return to the White House. The incipient trade war and threatened cut in American support to Europe have sparked fresh calls for countries to act urgently to secure their own supplies of critical materials, especially those used for defence and infrastructure. Gareth Stace, head of UK Steel, the industry lobby group, said: "Talks seem to have broken down between government and British Steel. "My advice to government is: please, Jonathan Reynolds, Business Secretary, get back round that negotiating table, thrash out a deal, and if a deal can't be found in the next few days, then I fear for the very future of the sector, but also here for Scunthorpe steelworks."
