Latest news with #JonathanReynolds
South Wales Guardian
3 hours ago
- Business
- South Wales Guardian
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A 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 agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
Belfast Telegraph
4 hours ago
- Business
- Belfast Telegraph
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A 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 agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
Leader Live
4 hours ago
- Business
- Leader Live
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A 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 agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
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First Post
5 hours ago
- Business
- First Post
UK trade body proposes to extend anti-subsidy duties on Indian PET imports for five more years
The UK's Trade Remedies Authority has published its initial findings that a countervailing or anti subsidy measure on the imports of polyethylene terephthalate from India be maintained for a further five years. read more Britain's Trade Remedies Authority (TRA) has recommended continuing anti-subsidy duties on polyethylene terephthalate (PET) imports from India for another five years, citing risks of renewed subsidisation and harm to the domestic industry. The TRA's proposal, published this week in a 'Statement of Essential Facts', stems from a review launched in July 2023. It concluded that removing the countervailing measure would likely lead to a resurgence of subsidised imports and renewed injury to UK manufacturers. STORY CONTINUES BELOW THIS AD The authority also found that prolonging the duty aligns with the UK's broader economic interests. Countervailing measures are one of three trade tools the UK uses to protect domestic industries, alongside anti-dumping and safeguard actions. These duties target goods that benefit from foreign government subsidies and are found to be damaging to local producers. Countervailing or counteracting measures address imported goods that are being subsidised by foreign governments. The TRA found that while Indian imports of PET during the investigation period were low at just 24 tonnes in 2023, the subsidy programmes identified in an original European Union (EU) measure still exist and are likely to continue. 'The investigation also concluded that UK industry remains vulnerable to injury, with falling sales, reduced production capacity, and evidence of underutilisation among domestic producers,' the TRA said. 'The intended recommendation is to maintain existing countervailing duty rates, ranging from 0 per cent to 13.8 per cent, until August 2029,' it added. Interested parties now have until June 13 to comment on the Statement of Essential Facts' and responses will be considered before TRA makes its final recommendation to the UK Secretary of State for Business and Trade, Jonathan Reynolds. STORY CONTINUES BELOW THIS AD TRA, as an independent trade body, investigates whether new remedy measures are needed to counter unfair import practices and unforeseen surges of imports from around the world. Trade remedy investigations were carried out by the European Commission on the UK's behalf until Brexit. EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU in 2019, and the TRA is currently reviewing each one to assess whether it is suitable for UK needs. Polyethylene Terephthalate (PET) imported from India is a type of plastic commonly used in food and beverage packaging, including bottles and containers. With inputs from agencies
Rhyl Journal
5 hours ago
- Business
- Rhyl Journal
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A 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 agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
