Latest news with #tradepact
Daily Mail
08-07-2025
- Business
- Daily Mail
Relief for UK steel industry as Trump delays ramping up tariffs to 50% AGAIN - but STILL no sign of the exemption Starmer boasted of in his trade deal
The UK steel industry was handed some relief today as Donald Trump delayed hiking tariffs again. The US president has extended the deadline for increasing levies on global imports from 25 per cent to 50 per cent. However, negotiations are still ongoing over implementing the promised exemption for British steel. Keir Starmer boasted about the industry being spared all levies when he unveiled a Transatlantic trade pact in May. However, steel was not covered in the implementation text released last month - with the UK subject to a 25 per cent rate. Mr Trump had warned that could rise to the 50 per cent being imposed on the rest of the world from July 9 unless terms were finalised. But that deadline was extended overnight, with worldwide trading partners given until August 1 to do deals. Asked whether the new date was a hard deadline, Mr Trump fueled speculation he is engaging in negotiating tactics, saying: 'I would say firm, but not 100 per cent firm. 'If they call up and they say we'd like to do something a different way, we're going to be open to that.' UK sources have admitted the the issues are 'complicated', with America worried about creating a loophole for imports from China. Standing alongside Sir Keir at the G7 summit in Canada last month, Mr Trump said the deal was 'done', and refused to make any firm commitment to further progress on steel levies. The agreement with the US had already come under fire in some quarters for 'shafting' the UK, with America openly boasting that it had managed to achieve higher tariffs than before and get more access to markets. But asked if steel tariffs would be set to zero for the UK, the US President replied: 'We're gonna let you have that information in little while.' The UK has also not obtained any guarantee that the crucial pharma industry will not be hit with tariffs, and there are claims Sir Keir has conceded the NHS will pay billions of pounds more for drugs. Asked whether Britain would be shielded from future tariffs, Mr Trump said the UK was protected 'because I like them'. 'The UK is very well protected, you know why? Because I like them. That's their ultimate protection,' he said. The agreement with the US had already come under fire in some quarters for 'shafting' the UK, with America openly boasting that it had managed to achieve higher tariffs than before and get more access to markets
Daily Mail
07-07-2025
- Business
- Daily Mail
Hopes 'fading' for US steel deal with just two days to go until Trump's deadline for hiking tariffs to 50%
Hopes are fading that the UK can finalise a US steel deal before Donald Trump 's deadline of Wednesday. Keir Starmer paraded his Transatlantic trade pact in May, suggesting that the industry would be spared any levies. However, steel was not covered in the implementation text released last month - with the UK subject to a 25 per cent rate. Mr Trump warned that could rise to the 50 per cent being imposed on the rest of the world from July 9 unless terms can be agreed. UK sources have admitted the the issues are 'complicated', with America worried about creating a loophole for imports from China. There have been suggestions that Britain could at least avoid the highest rate of tariffs while talks continue. Standing alongside Sir Keir at the G7 summit in Canada last month, Mr Trump said the deal was 'done', and refused to make any firm commitment to further progress on steel levies. The agreement with the US had already come under fire in some quarters for 'shafting' the UK, with America openly boasting that it had managed to achieve higher tariffs than before and get more access to markets. But asked if steel tariffs would be set to zero for the UK, the US President replied: 'We're gonna let you have that information in little while.' The UK has also not obtained any guarantee that the crucial pharma industry will not be hit with tariffs, and there are claims Sir Keir has conceded the NHS will pay billions of pounds more for drugs. Asked whether Britain would be shielded from future tariffs, Mr Trump said the UK was protected 'because I like them'. 'The UK is very well protected, you know why? Because I like them. That's their ultimate protection,' he said. The order issued by the president relating to the UK deal said the US 'may increase the applicable rates of duty to 50 per cent on or after July 9'. A government source told The Times: 'We are making progress but I think both sides recognise it is going to take a bit more time. The agreement with the US had already come under fire in some quarters for 'shafting' the UK, with America openly boasting that it had managed to achieve higher tariffs than before and get more access to markets 'We are hopeful that July 9 is not a hard deadline from the American point of view and while we will not see tariffs fall to zero then neither will we see them double.' Gareth Stace, director-general of UK Steel trade group, said: 'Every day of delay costs our steelmakers dearly. Contracts slip away, investment plans stall and uncertainty freezes business decisions. 'A swift and positive resolution is urgently needed to safeguard jobs, unlock growth and restore confidence in the UK steel sector.'
ABC News
03-07-2025
- Business
- ABC News
Indonesia to sign $52.3b trade pact with US in effort to avoid higher tariffs
Indonesia will sign a trade and investment pact worth $52.3 billion ($US34 billion) with the United States in an effort to avoid tougher tariffs due next week. The deal, set to be signed on July 7, will mean Indonesia increases imports of US fuels and will see investment by Indonesian companies in energy and agriculture sectors in the US, according to the Indonesian Chief Economic Minister Airlangga Hartarto. Flag carrier Garuda Indonesia also said it was in talks to buy up to 75 jets from Boeing. Indonesia is facing a 32 per cent tariff in US markets and has previously offered to increase US imports to facilitate trade talks between the two sides. US President Donald Trump announced sweeping global levies on goods brought into the US in April, throwing world stockmarkets into chaos, but the majority of the tariffs were paused for 90 days. Mr Trump announced a deal with Vietnam on Wednesday, under which the country would face a minimum 20 per cent tariff, down from the original 46 per cent. Mr Hartarto said on Thursday by addressing the trade balance with the United States, Indonesia hoped to get a better trade deal than the one struck with Vietnam. "This shows that government, regulators, state-owned enterprises and the private sector are together in responding to the imposition of US reciprocal tariffs," he said. Meanwhile, Garuda's potential jet purchase may include 737 Max 8 and 787 jets, its chief executive Wamildan Tsani said. It was unclear whether Garuda's discussion with Boeing was part of the tariff negotiations. The United States is one of Indonesia's top trading partners, and Jakarta enjoyed a $25.5 billion ($US16.8 billion) trade surplus with Washington in 2024, according to Indonesian government data. Data from the US trade representative office shows Washington's goods trade deficit with Jakarta was $27.2 billion ($US17.9 billion) in 2024, up 5.4 per cent increase on the year prior. The US-Vietnam deal came a week before the threatened US reimposition of steep tariffs on dozens of economies, including the European Union and Japan. Many countries are still scrambling to reach deals with Washington that would protect them from the measures. Those higher tariffs are part of a package Mr Trump initially imposed citing a lack of "reciprocity" in trading relationships, before announcing a temporary lowering to 10 per cent. Since then, Washington has announced a pact with Britain and a deal to temporarily lower retaliatory duties with China. — Reuters/AFP
Bloomberg
16-06-2025
- Automotive
- Bloomberg
Starmer Aims to Make Progress With Trump on UK-US Trade Pact
By and Josh Wingrove Save US President Donald Trump and UK Prime Minister Keir Starmer will meet Monday as they work to finalize a trade pact between their two nations that would be the first such deal since the White House announced a string of punitive tariffs against countries worldwide. While the two leaders announced the framework of a deal last month, the finer points were left to further negotiation, and nothing has yet been implemented. Under those initial terms, the US agreed to cut tariffs on cars imported from the UK to 10% from 27.5% for the first 100,000 vehicles each year, and drop levies on steel from to zero from 25% In return, the UK vowed to increase tariff-free quotas on US beef and ethanol.
Sky News
04-06-2025
- Business
- Sky News
Trade war: UK exemption from 50% steel tariffs is conditional, Trump warns
The UK's exemption from a doubling of duties on most US steel and aluminium imports is dependent on the ratification of May's trade pact between the two countries, the White House has warned. Tariffs of 50% were imposed on all shipments from early on Wednesday morning, except those arriving from UK shores which will still be subject to a 25% rate. Donald Trump decided to "provide different treatment" to the UK as he doubled down on the rates that had been in place since March as part of his early trade war salvoes which are designed to encourage more domestic production. White House economic adviser Kevin Hassett said of the move: "We started at 25 and then after studying the data more, realised that it was a big help, but more help is needed and so that is why the 50 is starting." The decision to spare UK products from the hike currently amounts to a reprieve of just over a month, however, as the clock ticks down to a US deadline of 9 July when wider tariff pauses for US trading partners could be applied. President Trump's executive order said of the UK situation: "On or after July 9, 2025, the Secretary may adjust the applicable rates of duty and construct import quotas for steel and aluminium consistent with the terms of the EPD [economic prosperity deal], or he may increase the applicable rates of duty to 50 percent if he determines that the United Kingdom has not complied with relevant aspects of the EPD". 2:45 Even if the trade pact agreed with the UK was to be fully enacted by that time, quotas within that agreement could still technically mean that a higher rate will apply in future. The government of Sir Keir Starmer has said it is continuing to work with US officials to agree the terms. A 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 as part of our Plan for Change. "We're pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs. We will continue to work with the US to implement our agreement, which will see the 25% US tariffs on steel removed." The UK steel industry was cautious in its own response, while welcoming the reprieve. 2:42 Gareth Stace, the director general of UK Steel, said: "Continued 25% tariffs will benefit shipments already on the water that we were concerned would fall under a tax hike. "However, uncertainty remains over timings and final tariff rates, and now US customers will be dubious over whether they should even risk making UK orders. "The US and UK must urgently turn the May deal into reality to remove the tariffs completely."
