Latest news with #UKGovernment
Yahoo
6 hours ago
- Business
- Yahoo
Trump announces new steel and aluminium tariffs in blow to global markets
Donald Trump has announced plans to double tariffs on steel imports from next week, intensifying his trade war and unsettling global markets. Addressing a rally of steel workers in West Mifflin, Pennsylvania, on Friday, the US president revealed that tariffs would rise from 25% to 50%, claiming the measure "will even further secure the steel industry in the United States." Mr Trump later confirmed on Truth Social that the new tariffs, which also apply to aluminium imports, would take effect from Wednesday. He declared that American "industries are coming back like never before." "This will be yet another BIG jolt of great news for our wonderful steel and aluminum (sic) workers," he wrote, adding: "MAKE AMERICA GREAT AGAIN!" In a separate statement, he said: "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!" However, a UK government source told Sky News that Britain will remain exempt from the new tariff rates, following the signing of a US-UK trade deal earlier this month. The source highlighted this agreement as evidence of why reaching an early arrangement with the Trump administration had been critical. Under the deal, the US agreed to "promptly construct a quota at most favoured nation (MFN) rates" for British steel, aluminium and derivative products. The escalation follows Mr Trump's claim earlier that China had "totally violated" an agreement designed to mutually roll back tariffs and trade restrictions on critical minerals. "So much for being Mr Nice Guy," he wrote on his social media platform. Initially, Mr Trump imposed a 25% tariff on all steel and aluminium imports in March as part of an effort to protect US manufacturing and jobs, making foreign imports less appealing to domestic industries. These increased tariffs threaten to raise costs for American consumers, affecting products from cars to canned soft drinks. Trump previously warned Canada it could face tariffs of up to 50% on steel imports, prompting Ontario's provincial government to threaten to increase electricity charges by 25% to American customers. Ontario supplies electricity to more than 1.5 million US homes and businesses in Minnesota, New York, and Michigan. Canadian Prime Minister Mark Carney previously described the potential tariffs as an "attack" on Canadian workers, families, and businesses. Currently, roughly a quarter of steel used in the US is imported, predominantly from countries including Canada, Mexico, Japan, South Korea, and Germany. In 2024, the US imported 6.6 million tonnes of steel from Canada and 3.5 million tonnes from Mexico. The US also heavily relies on imported aluminium, receiving 3.2 million tonnes from Canada last year.
Daily Mirror
8 hours ago
- Daily Mirror
'Rundown' UK seaside resort unveils £10.8m to bring it back to life
A popular seaside town stung by negative reviews of being 'tatty and rundown' has almost finished its huge £10.8million refurb plan to bring the resort back to life A snubbed seaside resort described by visitors as 'tatty and rundown' has unveiled ambitious plans to come roaring back to life. Situated in the centre of the dramatic Ceredigion coastline in Wales, Aberystwyth (also known as Aber) has been a popular holiday destination for decades. Famed for its crescent-shaped beach, historic pier, and pastel-coloured homes, the town - in theory - ticks all the must-haves for any successful coastal resort. In the summer, the promenade sees music, choirs, and other performances liven up the street, while Constitution Hill, snuggled at the quieter northern end of the Promenade, features a cliff railway with the largest camera obscura in the world. "On clear days, the beach offers wonderful views of North Wales, including the peaks of the Llyn Peninsular and Snowdonia," Visit Wales states. However, just like many seaside towns up and down the nation - Aber has struggled keeping its pristine reputation. Just three weeks ago, one traveller left a scathing review of the town's seafront on Trip Advisor - stating he was 'really disappointed and pretty disgusted too'. "Very difficult to find parking and the seafront and town streets were filthy," the user wrote. "I have honestly never seen so much dog poo on the pavements anywhere in the whole of Britain." Older reviews from 2023 describe the town as 'drab, grey, and run down' while other say it's not somewhere you should go 'out of your way' to visit. But, last year, Aberystwyth started revamping the promenade as part of a £10.8 million investment funded by the UK Government. Work started on October 9, 2024, and has already seen new lighting foundations along the promenade as well as the installation of a slate poem celebrating the town's 'deep connection with the sea, history, and community spirit'. Other works include kerb-line replacements, creating more parking spaces, and widening the promenade between the Hut and Castle Point. "The road and widened footways along the promenade opened to the public on December 20, 2024, meeting the goal of completion before Christmas," the council stated. "Remaining tasks, including cobble-effect surfacing for table tops, bollard reinstatement, and street furniture installation, will be addressed later." £43 million is also being pumped into restoring Old College, a Victorian university building which was gutted by a fire which killed three people. Upon completion, it is expected to attract 200,000 visitors a year and become a centre for 'learning, heritage, culture and enterprise' as well as homing a four-star hotel. Councillor Bryan Davies, Leader of Ceredigion County Council said the revitalisation of the promenade and the development of the Old College are 'pivotal projects' for the town's future. "Thanks to UK Government funding, we are seeing the physical and economic transformation of our town, enhancing opportunities for residents and visitors alike," he added. Dame Nia Griffith MP also welcomed the investment plans, arguing the UK government is 'committed to investing' in Wales. "Projects like the Old College and the improvements to Aberystwyth Promenade are crucial for driving local economic prosperity and creating spaces that benefit the whole community," she added. Visiting Aberystwyth - everything you need to know Located some 238 miles from London, getting to Aber from the Big Smoke takes around five and a half hours in the car. However, you can slash 45 minutes off the journey by taking the train - which will usually include a stopover in Birmingham. If you're flexible with dates, you can grab single adult fares for as little as £31.50. For example, a weekend's stay (Friday, June 20-22) at the Starling Cloud Hotel will set you back £239. This is based on two adults sharing a Standard Double Room. If you're looking for a more luxurious stay - check out the five-star Awel Mor Holiday Apartments. Here, a three-bed apartment with a sea view will cost £690 on the exact same dates. *Prices based on Trainline and listings at the time of writing.
South Wales Argus
14 hours ago
- Business
- South Wales Argus
Extra £36m to be given to Welsh public services for NI
The increase in employer contributions has resulted in an additional burden of £257 million annually for the Welsh public sector. The UK Government has provided £185 million towards this, leaving a £72 million shortfall. The Welsh Government said it will plug half of this gap with money from its reserves. However, this still leaves a £36 million shortfall. Finance secretary Mark Drakeford said: "We're protecting our vital public services by using £36 million from our reserves to help address the National Insurance shortfall left by the UK Government. "The UK Government did provide funding, but this falls short of the actual costs faced by Welsh public services, creating a multi-million-pound gap every year. "We have stepped in to help as much as we can, but the Welsh Government cannot afford to cover the entire shortfall." He said that the UK Government should treat the public sector across the UK the same and fully fund the costs, making good on its pledge. The Welsh Government has said the increase in employer National Insurance contributions has created an estimated cost pressure of £257 million across the Welsh public sector. The UK Government has provided Wales with a Barnett share of funding, instead of meeting the actual costs to the Welsh public sector. The Welsh Government's additional £36 million reduces this gap to around £36 million this year.
Pembrokeshire Herald
18 hours ago
- Business
- Pembrokeshire Herald
Extra funding to help plug National Insurance shortfall in Wales
Welsh Government steps in to protect vital services WELSH public services are set to receive additional funding to help meet rising employer National Insurance (NI) costs—after a shortfall in support from the UK Government left a significant funding gap. The increase in employer NI contributions has added an estimated £257 million in annual costs to the Welsh public sector. Of that, the UK Government has committed £185 million, leaving a £72 million deficit. To help cover this shortfall, the Welsh Government has announced it will allocate £36 million from its reserves. This brings the total support package to £220 million, which will cover approximately 85% of the increased costs. Finance Secretary Mark Drakeford said: 'We're protecting our vital public services by using £36 million from our reserves to help address the National Insurance shortfall left by the UK Government. 'While the UK Government has provided some funding, it does not match the actual financial burden now facing Welsh services. This leaves a multi-million-pound gap year after year. 'We've stepped in to support our services as much as we can, but we cannot afford to plug the entire shortfall. The UK Government should treat public services equally across the UK and honour its commitment to fully fund these extra costs.' The Welsh Government warned that continued shortfalls could place pressure on frontline services if the funding gap is not fully addressed. The Welsh Lib Dems responded to what they say was Mark Drakeford's National Insurance Bombshell. Leader Jane Dodds MS said: 'The Welsh Lib Dems have opposed this disastrous jobs tax from day one. Not only is it hammering our small businesses with unemployment in Wales rising, but it is now clear it will leave Wales with a gaping hole in its public finances and our public services worse off. 'The fact that the First Minister cannot even convince the UK government that the increased cost to the public sector should be covered by the Treasury shows how little influence Welsh Labour have in London. 'The Liberal Democrats will continue to argue for a reversal of the national insurance hike and fair funding for Wales.'
Daily Mail
a day ago
- Business
- Daily Mail
'We will build a Jewish Israeli state' in West Bank, Netanyahu's defence minister declares - calling it 'a clear message to Emmanuel Macron and his associates'
Israel 's Defence Minister Israel Katz has vowed to build a 'Jewish Israeli state' in the occupied West Bank, a day after the government announced the creation of 22 new settlements in the territory. He called the announcement 'a clear message to Emmanuel Macron and his associates' in a statement made on Friday shortly after the French President said the recognition of a Palestinian state, with conditions, is a 'moral duty.' It comes just days after Britain, France and Canada threatened Israel with sanctions unless it relents on plans to expand military operations in the Gaza Strip. The UK government has said it is suspending free trade negotiations with Israel and has introduced new sanctions on settlements in the West Bank in an effort to ramp up its criticism of the ongoing operation in Gaza. Foreign Secretary David Lammy said the UK's existing trade agreement with Israel remains in effect, but the government can't continue discussions with an administration pursuing what he said were 'egregious' policies in the two territories. During a visit to the site of the Sa-Nur settlement, Katz said: 'This is a decisive response to the terrorist organisations that are trying to harm and weaken our hold on this land - and it is also a clear message to (French President Emmanuel) Macron and his associates. 'They will recognize a Palestinian state on paper — and we will build the Jewish-Israeli state on the ground. It comes just days after Britain, France and Canada threatened Israel with sanctions unless it relents on plans to expand military operations in the Gaza Strip. Pictured: Smoke rises to the sky following an Israeli airstrike in Gaza City, Friday, May 30 'The paper will be thrown in the trash can of history and the State of Israel will flourish and prosper,' Katz declares. 'Do not threaten us with sanctions because you will not bring us to our knees. The State of Israel will not bow its head in the face of threats.' He added: 'We are a people with a long and glorious history. We will stand tall and continue to lead the State of Israel on a safe and strong path, until victory.' Sa-Nur was evacuated in 2005 alongside Israel's disengagement from the Gaza Strip. Katz's visit there comes after the Israeli government approved the construction of 22 new settlements in the West Bank yesterday. Israel has occupied the West Bank since 1967. During a visit to Singapore on Friday, President Macron asserted that recognition of a Palestinian state, with some conditions, was 'not only a moral duty, but a political necessity'. The UK government has said it is suspending free trade negotiations with Israel and has introduced new sanctions on settlements in the West Bank in an effort to ramp up its criticism of the ongoing operation in Gaza. Pictured: Smoke rises from Gaza after an explosion on May 30 But Israel accused Macron of undertaking a 'crusade against the Jewish state' after he called for European countries to harden their stance on Israel if the humanitarian situation in Gaza did not improve. 'There is no humanitarian blockade. That is a blatant lie,' Israel's foreign ministry said in a statement, defending its efforts to allow in aid. 'But instead of applying pressure on the jihadist terrorists, Macron wants to reward them with a Palestinian state. No doubt its national day will be October 7.' An international conference meant to resurrect the idea of a two-state solution to the Israeli-Palestinian conflict is set to take place in June at the UN headquarters in New York. A diplomat in Paris close to preparations for the conference said it should pave the way for more countries to recognise a Palestinian state. Macron said in April that France could recognise a Palestinian state in June. Following Israel's announcement of the new settlements on Thursday, Britain called the move a 'deliberate obstacle' to Palestinian statehood, while UN chief Antonio Guterres's spokesman said it pushed efforts towards a two-state solution 'in the wrong direction'.
