Latest news with #UKSteel
Hindustan Times
21 minutes ago
- Business
- Hindustan Times
Britain says US agrees on need to implement tariff deal soon
LONDON/PARIS - Britain and the United States have agreed on the need to implement a tariff relief deal between the countries as soon as possible, the UK government said, after their trade envoys met on the eve of impending higher tariffs on steel. British Prime Minister Keir Starmer and U.S. President Donald Trump agreed to reduce tariffs on British imports of cars and steel to the United States last month, with Britain agreeing to lower tariffs on beef and ethanol. But a delay in implementing the deal means steel tariffs may go up before they come down, as Trump last week said that tariffs on imported steel would rise to 50% from 25% starting on Wednesday. Industry body UK Steel said it understood that British producers were likely to be affected, which would be a "body blow" to the sector. British trade minister Jonathan Reynolds met U.S. Trade Representative Jamieson Greer on Tuesday to discuss the pace of implementation of the deal. "The pair discussed their shared desire to implement the Economic Prosperity Deal, including implementing agreements on sectoral tariffs as soon as possible," Britain's trade ministry said in a statement after the meeting. "The pair agreed that businesses and consumers on both sides of the Atlantic must start to feel the benefits of the deal soon, with both sides committing to work closely to make that happen." Greer's office did not have an immediate comment. Before the meeting Starmer's spokesperson said that, once implemented, the deal with Washington would eliminate tariffs on the "majority of steel products" exported to the United States, and that "we'd continue to expect that to be the case" regardless of the 50% tariff announced by Trump. He also said that industry minister Sarah Jones was meeting with representatives from the steel sector on Tuesday. Asked earlier if the 50% tariffs would go ahead on Wednesday, Greer, speaking French with reporters in Paris, said: "We'll see." Reynolds is on a three-day trip to Paris and Brussels. After meetings with Group of Seven and OECD counterparts in Paris, he will hold talks with EU trade commissioner Maros Sefcovic. Britain struck deals with the U.S. and the European Union - its two biggest trading partners - last month, but both are political pacts rather than formal trade agreements, and the details of their implementation have not been set out. With the EU deal, plans to remove red tape on the food sector are yet to be finalised. In advance of that agreement coming into force, Britain on Monday said it would scrap border checks on fruit and vegetables imported from the EU that had been due to be effective beginning in July.
Powys County Times
an hour ago
- Business
- Powys County Times
Steel industry braced for 50% Trump tariff despite UK-US deal
The steel industry is braced to be impacted by Donald Trump's implementation of a 50% tariff, despite Sir Keir Starmer's landmark deal with the White House. Downing Street would not say on Tuesday whether British steel exporters would be hit with 50% tariffs from the US from Wednesday, despite an agreement to eliminate the charges. Last week US President Mr Trump announced he was doubling tariffs on the 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. The steel industry is working on the understanding that the sector will be impacted by the new rules and the 50% levy will likely affect UK steelmakersfrom Wednesday. Business Secretary Jonathan Reynolds was due to meet US trade representative Jamieson Greer in Paris on Tuesday. Asked whether it was 'embarrassing' that steelmakers could face a worse situation despite the announcement of the deal last month, the Prime Minister's official spokesman said: 'I'm not going to get ahead of announcements for the United States. 'But what you've seen so far is the US and the UK agree a landmark deal across sectors to protect British industries – cars, steel, aluminium – and you've seen the welcoming statements the industries have made in support of the agreement. 'When it comes to implementation of the agreement, that work is ongoing.' Number 10 later insisted that Mr Trump would keep his word on the UK-US deal. Asked if Mr Trump could be trusted, a No 10 spokesman said: 'Yes, absolutely. We have a very close relationship with the US. I think that's reflected in the fact that this deal has been signed, and that it is, as we've said before, the first of its kind.' UK Steel has previously said the tariff announcement is a 'body blow' for the industry. Director general Gareth Stace said: 'The deal that the Prime Minister and President 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 confusion. 'Uncertainty remains as to whether and when our second biggest export market will be open for business or is being firmly shut in our faces.' Meanwhile, a Tata Steel director told the Business and Trade Committee on Tuesday that the UK 'absolutely' needs to go faster in supporting the steel industry in response to US tariffs. Russell Codling, director of markets, business development and commercial services at Tata said: 'It is not just for us making sure that this deal (with the US) is the right deal, it is also about making sure that the trade protection measures are the appropriate ones in the UK, and they are at least as good as other trading partners around the world.' When asked if the UK needs to go faster on the issue, Mr Codling said: 'Absolutely.' The same committee also heard from leaders in other sectors that have been affected by the tariff arrangements, including car manufacturing. An industry figure told the MPs that motoring firms would 'of course' like the 100,000 quota for a 10% tariff on car imports into the US to be higher. Murray Paul, public affairs director at Jaguar Land Rover said: 'Of course we'd prefer for it to be higher. 'But I think if we're honest it's there or thereabouts what the current market volume is of producing from the UK into the US. 'We are expectant that it's administered fairly, that if there's a small amount of pain that that is distributed equally amongst British manufacturers of goods. 'Obviously, we would like it to grow in the future because we think there's a growth opportunity in the US market as the incredible cars that we produce in this country are admired around the world.' A Government spokesperson said: 'Ministers and officials have worked tirelessly to ensure that the UK was the first country to secure a trade deal with the US, helping us deliver on the Plan for Change. 'The Government is engaging intensively with the US to implement the Economic Prosperity Deal that we agreed on May 8 at pace, including on steel and aluminium, and will update on progress in due course.'
Rhyl Journal
2 hours ago
- Business
- Rhyl Journal
Steel industry braced for 50% Trump tariff despite UK-US deal
Downing Street would not say on Tuesday whether British steel exporters would be hit with 50% tariffs from the US from Wednesday, despite an agreement to eliminate the charges. Last week US President Mr Trump announced he was doubling tariffs on the 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. The steel industry is working on the understanding that the sector will be impacted by the new rules and the 50% levy will likely affect UK steelmakersfrom Wednesday. Business Secretary Jonathan Reynolds was due to meet US trade representative Jamieson Greer in Paris on Tuesday. Asked whether it was 'embarrassing' that steelmakers could face a worse situation despite the announcement of the deal last month, the Prime Minister's official spokesman said: 'I'm not going to get ahead of announcements for the United States. 'But what you've seen so far is the US and the UK agree a landmark deal across sectors to protect British industries – cars, steel, aluminium – and you've seen the welcoming statements the industries have made in support of the agreement. 'When it comes to implementation of the agreement, that work is ongoing.' Number 10 later insisted that Mr Trump would keep his word on the UK-US deal. Asked if Mr Trump could be trusted, a No 10 spokesman said: 'Yes, absolutely. We have a very close relationship with the US. I think that's reflected in the fact that this deal has been signed, and that it is, as we've said before, the first of its kind.' UK Steel has previously said the tariff announcement is a 'body blow' for the industry. Director general Gareth Stace said: 'The deal that the Prime Minister and President 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 confusion. 'Uncertainty remains as to whether and when our second biggest export market will be open for business or is being firmly shut in our faces.' Meanwhile, a Tata Steel director told the Business and Trade Committee on Tuesday that the UK 'absolutely' needs to go faster in supporting the steel industry in response to US tariffs. Russell Codling, director of markets, business development and commercial services at Tata said: 'It is not just for us making sure that this deal (with the US) is the right deal, it is also about making sure that the trade protection measures are the appropriate ones in the UK, and they are at least as good as other trading partners around the world.' When asked if the UK needs to go faster on the issue, Mr Codling said: 'Absolutely.' The same committee also heard from leaders in other sectors that have been affected by the tariff arrangements, including car manufacturing. An industry figure told the MPs that motoring firms would 'of course' like the 100,000 quota for a 10% tariff on car imports into the US to be higher. Murray Paul, public affairs director at Jaguar Land Rover said: 'Of course we'd prefer for it to be higher. 'But I think if we're honest it's there or thereabouts what the current market volume is of producing from the UK into the US. 'We are expectant that it's administered fairly, that if there's a small amount of pain that that is distributed equally amongst British manufacturers of goods. 'Obviously, we would like it to grow in the future because we think there's a growth opportunity in the US market as the incredible cars that we produce in this country are admired around the world.' A Government spokesperson said: 'Ministers and officials have worked tirelessly to ensure that the UK was the first country to secure a trade deal with the US, helping us deliver on the Plan for Change. 'The Government is engaging intensively with the US to implement the Economic Prosperity Deal that we agreed on May 8 at pace, including on steel and aluminium, and will update on progress in due course.'
North Wales Chronicle
2 hours ago
- Business
- North Wales Chronicle
Steel industry braced for 50% Trump tariff despite UK-US deal
Downing Street would not say on Tuesday whether British steel exporters would be hit with 50% tariffs from the US from Wednesday, despite an agreement to eliminate the charges. Last week US President Mr Trump announced he was doubling tariffs on the 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. The steel industry is working on the understanding that the sector will be impacted by the new rules and the 50% levy will likely affect UK steelmakersfrom Wednesday. Business Secretary Jonathan Reynolds was due to meet US trade representative Jamieson Greer in Paris on Tuesday. Asked whether it was 'embarrassing' that steelmakers could face a worse situation despite the announcement of the deal last month, the Prime Minister's official spokesman said: 'I'm not going to get ahead of announcements for the United States. 'But what you've seen so far is the US and the UK agree a landmark deal across sectors to protect British industries – cars, steel, aluminium – and you've seen the welcoming statements the industries have made in support of the agreement. 'When it comes to implementation of the agreement, that work is ongoing.' Number 10 later insisted that Mr Trump would keep his word on the UK-US deal. Asked if Mr Trump could be trusted, a No 10 spokesman said: 'Yes, absolutely. We have a very close relationship with the US. I think that's reflected in the fact that this deal has been signed, and that it is, as we've said before, the first of its kind.' UK Steel has previously said the tariff announcement is a 'body blow' for the industry. Director general Gareth Stace said: 'The deal that the Prime Minister and President 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 confusion. 'Uncertainty remains as to whether and when our second biggest export market will be open for business or is being firmly shut in our faces.' Meanwhile, a Tata Steel director told the Business and Trade Committee on Tuesday that the UK 'absolutely' needs to go faster in supporting the steel industry in response to US tariffs. Russell Codling, director of markets, business development and commercial services at Tata said: 'It is not just for us making sure that this deal (with the US) is the right deal, it is also about making sure that the trade protection measures are the appropriate ones in the UK, and they are at least as good as other trading partners around the world.' When asked if the UK needs to go faster on the issue, Mr Codling said: 'Absolutely.' The same committee also heard from leaders in other sectors that have been affected by the tariff arrangements, including car manufacturing. An industry figure told the MPs that motoring firms would 'of course' like the 100,000 quota for a 10% tariff on car imports into the US to be higher. Murray Paul, public affairs director at Jaguar Land Rover said: 'Of course we'd prefer for it to be higher. 'But I think if we're honest it's there or thereabouts what the current market volume is of producing from the UK into the US. 'We are expectant that it's administered fairly, that if there's a small amount of pain that that is distributed equally amongst British manufacturers of goods. 'Obviously, we would like it to grow in the future because we think there's a growth opportunity in the US market as the incredible cars that we produce in this country are admired around the world.' A Government spokesperson said: 'Ministers and officials have worked tirelessly to ensure that the UK was the first country to secure a trade deal with the US, helping us deliver on the Plan for Change. 'The Government is engaging intensively with the US to implement the Economic Prosperity Deal that we agreed on May 8 at pace, including on steel and aluminium, and will update on progress in due course.'
Leader Live
2 hours ago
- Business
- Leader Live
Steel industry braced for 50% Trump tariff despite UK-US deal
Downing Street would not say on Tuesday whether British steel exporters would be hit with 50% tariffs from the US from Wednesday, despite an agreement to eliminate the charges. Last week US President Mr Trump announced he was doubling tariffs on the 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. The steel industry is working on the understanding that the sector will be impacted by the new rules and the 50% levy will likely affect UK steelmakersfrom Wednesday. Business Secretary Jonathan Reynolds was due to meet US trade representative Jamieson Greer in Paris on Tuesday. Asked whether it was 'embarrassing' that steelmakers could face a worse situation despite the announcement of the deal last month, the Prime Minister's official spokesman said: 'I'm not going to get ahead of announcements for the United States. 'But what you've seen so far is the US and the UK agree a landmark deal across sectors to protect British industries – cars, steel, aluminium – and you've seen the welcoming statements the industries have made in support of the agreement. 'When it comes to implementation of the agreement, that work is ongoing.' Number 10 later insisted that Mr Trump would keep his word on the UK-US deal. Asked if Mr Trump could be trusted, a No 10 spokesman said: 'Yes, absolutely. We have a very close relationship with the US. I think that's reflected in the fact that this deal has been signed, and that it is, as we've said before, the first of its kind.' UK Steel has previously said the tariff announcement is a 'body blow' for the industry. Director general Gareth Stace said: 'The deal that the Prime Minister and President 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 confusion. 'Uncertainty remains as to whether and when our second biggest export market will be open for business or is being firmly shut in our faces.' Meanwhile, a Tata Steel director told the Business and Trade Committee on Tuesday that the UK 'absolutely' needs to go faster in supporting the steel industry in response to US tariffs. Russell Codling, director of markets, business development and commercial services at Tata said: 'It is not just for us making sure that this deal (with the US) is the right deal, it is also about making sure that the trade protection measures are the appropriate ones in the UK, and they are at least as good as other trading partners around the world.' When asked if the UK needs to go faster on the issue, Mr Codling said: 'Absolutely.' The same committee also heard from leaders in other sectors that have been affected by the tariff arrangements, including car manufacturing. An industry figure told the MPs that motoring firms would 'of course' like the 100,000 quota for a 10% tariff on car imports into the US to be higher. Murray Paul, public affairs director at Jaguar Land Rover said: 'Of course we'd prefer for it to be higher. 'But I think if we're honest it's there or thereabouts what the current market volume is of producing from the UK into the US. 'We are expectant that it's administered fairly, that if there's a small amount of pain that that is distributed equally amongst British manufacturers of goods. 'Obviously, we would like it to grow in the future because we think there's a growth opportunity in the US market as the incredible cars that we produce in this country are admired around the world.' A Government spokesperson said: 'Ministers and officials have worked tirelessly to ensure that the UK was the first country to secure a trade deal with the US, helping us deliver on the Plan for Change. 'The Government is engaging intensively with the US to implement the Economic Prosperity Deal that we agreed on May 8 at pace, including on steel and aluminium, and will update on progress in due course.'
