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Starmer says 'all options on table' as Trump steel tariffs kick in Starmer says 'all options on table' as Trump tariffs kick in
(about 1 hour later)
Prime Minister Sir Keir Starmer has said the UK will "keep all options on the table" as US President Donald Trump's tariffs on imports of steel and aluminium kick in. Prime Minister Sir Keir Starmer has said the UK will "keep all options on the table" as US President Donald Trump's tariffs on imports of steel and aluminium take effect.
The UK exports hundreds of millions of pounds worth of steel to the US per year, which will be subject to the 25% levy.The UK exports hundreds of millions of pounds worth of steel to the US per year, which will be subject to the 25% levy.
Sir Keir said the UK was taking a "pragmatic" approach and was pushing for a trade deal, but the Conservatives said Labour had "no plan" as steelmakers raised concerns about cheap steel being redirected to the UK because of the US tariffs. The EU, facing the same tariffs, said on Wednesday it would impose counter-tariffs on €26bn (£22bn) of US goods, and Canada also responded with countermeasures.
In contrast to the UK, the EU said on Wednesday it would impose counter-tariffs on €26bn (£22bn) of US goods. Sir Keir said the UK was taking a "pragmatic" approach and was pushing for a trade deal, but opposition politicians called for a more "robust" response.
When Sir Keir visited the White House last month, trade was high on the agenda, with the PM seeking a trade deal and exemptions to Trump's tariffs.When Sir Keir visited the White House last month, trade was high on the agenda, with the PM seeking a trade deal and exemptions to Trump's tariffs.
It is understood tariffs were also discussed during a phone call between Sir Keir and Trump on Monday.It is understood tariffs were also discussed during a phone call between Sir Keir and Trump on Monday.
However, as the latest tariffs take effect, there were no exemptions for any country. However, as the latest tariffs came into effect, there were no exemptions for any country.
Trump hopes the tariffs will boost US steel and aluminium production, but critics say it will raise prices for US consumers and dent economic growth. European Union President Ursula von der Leyen said the EU's retaliatory tariffs were "strong but proportionate" and that the EU remains "open to negotiations".
US markets sank on Monday and Tuesday as traders and analysts expressed recession fears.
The tariffs introduced on Wednesday mean US businesses wanting to bring steel and aluminium into the country will have to pay a 25% tax on them.
These costs will probably be passed on to US consumers.
European Union President Ursula von der Leyen said tariffs "bring uncertainty for the economy. Jobs are at stake, prices up, nobody needs that, on both sides, neither in the EU or the US."
She said the EU's retaliatory tariffs were "strong but proportionate" and that the EU remains "open to negotiations".
The EU tariffs will be imposed on "products ranging from boats to bourbon to motorbikes," the EU said. They will be partially introduced on 1 April and fully in place on 13 April.The EU tariffs will be imposed on "products ranging from boats to bourbon to motorbikes," the EU said. They will be partially introduced on 1 April and fully in place on 13 April.
What are tariffs and why is Trump using them?
British metalsBritish metals
Gareth Stace, director general at industry body UK Steel, said the US move was "hugely disappointing" and urged the US to work with the UK rather than against it. Tariffs could lead to US companies buying less from overseas. A knock-on effect could be more cheap steel flooding the UK market putting additional pressure on domestic producers.
Some steel company contracts have already been cancelled or been put on hold, he said, adding that customers in the US would have to pay £100m per year extra in the tax. Gareth Stace, director general at industry body UK Steel, said the US move was "hugely disappointing".
He said tariffs imposed by the US could mean cheap international steel flooding the UK market, putting more pressure on domestic producers. Some steel company contracts have already been cancelled or been put on hold, he said.
Unite general secretary Sharon Graham called on the government to "act decisively to protect the steel industry, adding the public sector should "always buys UK produced steel". Unite general secretary Sharon Graham called on the government to "act decisively to protect the steel industry.
The Community union called for UK taxes on carbon-intensive steel, which would include metal produced in China and India. The Community union called for a UK tax on carbon-intensive steel, produced with a bigger environmental footprint, which would include metal produced in China and India.
In 2024, UK steel and aluminium exports to the US were a relatively small part of the UK economy, worth £474m and £225m respectively, according to industry group the Aluminium Federation. The UK exports a relatively small amount of steel and aluminium to the US, around £700m in total. However the tariffs also cover products made with steel and aluminium, worth much more, about £2.2bn, or about 5% of UK exports to the US last year.
But Trump's tariffs also cover products made with steel and aluminium, and that's a bigger chunk of trade - about £2.2bn, or about 5% of UK exports to the US last year.
For some suppliers of speciality steel products the US makes up a large proportion of their overall business.
Philip Jackson, the managing director of Bright Steels, a hundred-year-old family firm which employs 75 people in Malton, North Yorkshire, said tariffs may lead to customers in the US reducing their orders.
He said it won't hit jobs but it might affect profits and the company's ability to invest in the future.
Sir Keir's comments in Prime Minister's Questions came in response to Lib Dem leader Sir Ed Davey, who called for the UK to be "more robust" with the US president "like the Europeans and like the Canadians".Sir Keir's comments in Prime Minister's Questions came in response to Lib Dem leader Sir Ed Davey, who called for the UK to be "more robust" with the US president "like the Europeans and like the Canadians".
Sir Keir said: "I'm disappointed to see global tariffs in relation to steel and aluminium. We will take a pragmatic approach."
Conservative shadow business secretary Andrew Griffith said Labour "can't even get themselves in the room" to negotiate with the US".Conservative shadow business secretary Andrew Griffith said Labour "can't even get themselves in the room" to negotiate with the US".
EU retaliates after Trump tariffs on steel and aluminium take effectEU retaliates after Trump tariffs on steel and aluminium take effect
Trump says he will buy a Tesla after stock slumpTrump says he will buy a Tesla after stock slump
Trump halts plan for 50% steel and aluminium tariffs on CanadaTrump halts plan for 50% steel and aluminium tariffs on Canada
However, in the US, some welcomed the tariffs, with the American Iron and Steel Institute (AISI) lobby group saying they will create jobs, boost US steel manufacturing, and close a system of exemptions, exclusions and quotas that allowed foreign producers to avoid tariffs. Trump hopes the tariffs will boost US steel and aluminium production in the longer run, but critics say in the immediate term they will raise prices for US consumers and dent economic growth.
In 2018, during his first term as president, Trump imposed import tariffs of 25% on steel and 10% on aluminium, but carve-outs were eventually negotiated for many countries. US share prices sank on Monday and Tuesday as traders and analysts expressed recession fears.
This time the Trump administration said there will be no exemptions. The American Iron and Steel Institute (AISI) lobby group said the tariffs would create jobs, boost US steel manufacturing, and close a system of exemptions, exclusions and quotas that allowed foreign producers to avoid tariffs.
In 2018, during his first term as president, Trump imposed similar tariffs on metal imports, but carve-outs were eventually negotiated for many countries.
The US is a major importer of aluminium and steel, and Canada, Mexico and Brazil are among its largest suppliers.The US is a major importer of aluminium and steel, and Canada, Mexico and Brazil are among its largest suppliers.
On Tuesday, Trump u-turned on doubling the tariffs on Canada specifically in response to a surcharge Ontario had placed on electricity.On Tuesday, Trump u-turned on doubling the tariffs on Canada specifically in response to a surcharge Ontario had placed on electricity.
Recession fearsRecession fears
Others in the US do not support the tariffs.Others in the US do not support the tariffs.
Michael DiMarino runs Linda Tool, a Brooklyn company that makes parts for the aerospace industry. Everything he makes involves some kind of steel, much of which comes from American mills. Michael DiMarino runs Linda Tool, a Brooklyn company that makes parts for the aerospace industry, said he was concerned prices for steel would rise.
"If I have higher prices, I pass them on to my customers. They have higher prices, they pass it on to the consumer," Mr DiMarino said, adding that he supports the call for increased manufacturing in the US but warning the president's moves could backfire. "If I have higher prices, I pass them on to my customers. They have higher prices, they pass it on to the consumer," Mr DiMarino said.
The American Automotive Policy Council, a group that represents car giants such Ford, General Motors and Stellantis, said they "are concerned that specifically revoking exemptions for Canada and Mexico will add significant costs" to car makers' suppliers. The American Automotive Policy Council, a group that represents car giants such Ford, General Motors and Stellantis, said they were concerned tariffs on Canada and Mexico would add significant costs" for car makers' suppliers.
Bill Reinsch, a former Commerce Department official, said the tariffs could help the US steel and aluminium industries but hurt the wider economy by making products more expensive.
Meanwhile, research firm Oxford Economics said in a report it had lowered its US growth forecast for the year from 2.4% to 2% and made even steeper adjustments to its outlook for Canada and Mexico.
Additional reporting by Michelle Fleury in New York and Ben King in London.Additional reporting by Michelle Fleury in New York and Ben King in London.
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