(Bloomberg) — The UK is pushing the US to remove tariffs on British steel exports in line with a deal struck last month, ahead of a planned blanket doubling of levies.<\/p>\n
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Business Secretary Jonathan Reynolds will meet US Trade Representative Jamieson Greer late on Tuesday in Paris in an attempt to rescue the deal to remove metals tariffs on US imports from Britain that was struck last month but now is in danger of failing to be implemented ahead of a doubling of levies to 50% scheduled for Wednesday.<\/p>\n
If the UK and US are unable to reach a resolution, it would risk the so-called economic prosperity agreement announced last month between two nations not delivering on one of its key components. The agreement was sold by US President Donald Trump and Prime Minister Keir Starmer as a trade deal to reduce tariffs \u2014 but so far it hasn\u2019t taken effect.<\/p>\n
\u201cWhen it comes to implementation of the agreement, that work is ongoing,\u201d Starmer\u2019s spokesman, Dave Pares, told reporters on Tuesday, signaling the UK does not know whether its steel industry will face 50% US tariffs on Wednesday. \u201cIt\u2019s up to the United States to make their own policy announcements,\u201d he said ahead of the meeting between Reynolds and Greer.<\/p>\n
The UK steel industry has warned repeatedly that tariffs on US imports could further imperil the viability of mills already battling against global overcapacity, depressed steel prices and weak demand in many key industrial sectors.<\/p>\n
Trade group UK Steel said last week that it understands the new 50% tariff will apply to all US-bound exports, and as such British steel mills are likely to be shut out of their second-most important overseas market until an exemption can be secured.<\/p>\n
The planned doubling \u201cis yet another body blow for all UK steelmakers in this torrid time,\u201d UK Steel Director-General Gareth Stace said in a statement. Exporters are \u201cfearful that orders will now be canceled, some of which are likely being shipped across the Atlantic as we speak.\u201d<\/p>\n
Under the agreement announced last month, the British government said duties on metals exported to the US would be slashed to zero, and auto tariffs would be reduced to 10%. In return, the UK agreed to fast-track US items through their customs process and reduce barriers on \u201cbillions of dollars\u201d of agricultural, chemical, energy and industrial exports, including beef and ethanol.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — The UK is pushing the US to remove tariffs on British steel exports in line with…\n","protected":false},"author":2,"featured_media":155460,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[3662,66045,51,1700,39103,1443,807,16,15],"class_list":{"0":"post-155459","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-bloomberg","9":"tag-british-steel-exports","10":"tag-business","11":"tag-economy","12":"tag-jamieson-greer","13":"tag-jonathan-reynolds","14":"tag-keir-starmer","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114620844174772083","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/155459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=155459"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/155459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/155460"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=155459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=155459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=155459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}