Latest news with #USEU
NHK
7 days ago
- Business
- NHK
Higher US tariffs kick in on steel, aluminum imports
The US doubled additional tariffs on steel and aluminum imports to 50 percent from Wednesday. President Donald Trump announced the higher levies on Friday during a rally at a US Steel plant in Pennsylvania and signed the order on Tuesday. He said the move will further secure the future of the steel industry in the United States. However, imports of the metals from the UK will not be affected by the higher duties after the two countries agreed to a trade deal last month. The trump administration had already imposed a 25-percent additional tariff on steel and aluminum on March 12. The European Union has criticized the higher duties, saying the move undermines ongoing efforts to reach a negotiated solution. The EU has indicated it may respond with countermeasures.
Malay Mail
7 days ago
- Business
- Malay Mail
US to double steel, aluminium tariffs to 50pc starting Wednesday, says White House
WASHINGTON, June 4 — The United States will double its tariffs on imported steel and aluminium starting Wednesday, according to the White House, as it published an order signed by President Donald Trump. The move marks a latest salvo in Trump's trade wars, bringing levies on both metals from 25 per cent to 50 per cent. But tariffs on metal imports from the UK will remain at the 25 per cent rate, while both sides work out duties and quotas in line with the terms of their earlier trade pact. Overall, the aim is to 'more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminium in the United States,' according to the order, which added that these undercut the competitiveness of US industries. 'Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminium articles and their derivative articles,' the order added. Trump announced his decision to hike tariffs on steel and aluminium when he addressed workers at a US Steel plant in Pennsylvania last week. 'Nobody is going to be able to steal your industry,' he said at the time. 'At 25 per cent, they can sort of get over that fence. At 50 per cent, they can no longer get over the fence,' he added. The move, however, fans tensions with key US trading partners. The European Union warned over the weekend that it was prepared to retaliate against levies. It said that the sudden announcement 'undermines ongoing efforts to reach a negotiated solution' between the bloc and the United States. Already, Washington is in talks with various countries after Trump imposed sweeping 10 per cent tariffs on almost all partners in April and announced even higher rates for dozens of economies. While the steeper levels have been paused during ongoing negotiations, this halt expires in early July — adding to urgency to reach trade deals. Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have shaken financial markets. He has also imposed tariffs on sector-specific imports like autos, apart from targeting steel and aluminium. — AFP
Reuters
13-05-2025
- Business
- Reuters
US-UK trade deal probably not a template for EU-US agreement, says Lithuania
BRUSSELS, May 13 (Reuters) - The trade deal struck last week between the United States and Britain is probably not going to serve as a template for a trade agreement between the U.S. and the European Union, Lithuania's Finance Minister Rimantas Sadzius said on Tuesday. In an interview with Reuters on the sidelines of an EU finance ministers meeting in Brussels, Sadzius said the trade relationship between the U.S. and the 27-nation EU was a much bigger one than the one Washington had with Britain. "I have big doubts that the EU will have to ... adopt any template from anywhere," Sadzius said. Washington and London last week announced a limited bilateral trade agreement that leaves 10% U.S. tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British cars. The two sides agreed to continue trying to agree a broader deal that will cover pharmaceuticals and reducing the remaining reciprocal tariffs. But Sadzius said the EU economy was a much more powerful trading bloc. "I think European institutions are strong in this negotiation process, very strong," he said. "Competition between the European Union and the United something that designs or defines the economic map of the world." According to the U.S. trade department, trade with the European Union totaled $976 billion in 2024, more than six times the value of trade with the UK which added up to $148 billion. The European Commission said it was analysing the UK-U.S. agreement for impact on the EU and global trade as it continues to negotiate the EU's own deal with the United States ahead of a July 8 deadline. Until then there are 10% across-the-board U.S. duties on almost all EU products and 25% U.S. duties on European steel, aluminium, cars and car parts. If there is no deal by July 8, the across-the board 10% duty on European goods could go up to 20%.
