Looking for UK exemption from U.S. steel tariffs

The UK will seek an exception from the President of Donald Trump’s tariffs on steel and aluminum imports to the United States, according to Trade Secretary Liam Fox.

Mr Fuchs said he will travel to Washington next week when he’s on the new tasks.

He said: “We will look, of course, to how we can maximise the UK’s case for the exemption under these particular circumstances.”

Steel imports with a 25% tariff, while aluminum has a 10% duty.

UK steel says 7% of all steel exports go to the United States to the value of £360m.

The European Union says it is an exemption of customs duties, a relocation of all 28 countries, including of course the UK.

President, Trump claimed that the US suffered from “unfair trade” and that the tariffs increase the domestic market.

Mr Fox said: “We understand the fears about steel production, the United States, but we believe it is to cope other ways, on a multilateral basis.”
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Mr Trump’s decision, which shall enter into force in two weeks time, has provoked widespread condemnation from the people of China and France.

It also prompted the resignation of Mr Trump, chief economic adviser Gary Cohn.”Shoot yourself in the foot”

Gareth Stace, Director of UK Steel, said: “Slapping will take a 25% tax on steel by the British company, the us hard.”

He added: “It worries me, I think, that the Trump-supply from the market, and what is not quantified, has the administration what it can. Therefore, it is actually shooting itself in the foot due to the rising costs of the U.S. steel industry and U.S. manufacturing by 25%.”

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A spokesman for the steel manufacturer ArcelorMittal said the industry faced a number of problems: “The steel industry in recent years by overcapacity, high imports and unfair trade.

“We appreciate the efforts of the governments to address unfair imports into the support of a “level playing field”. In principle, a solution must be found to combat the high level of overcapacity that still exists. This is particularly important, as steel is a globally traded nature.”‘Regrettable’ move

Kingdom exports of aluminium in the USA are tiny, but the UK’s Aluminium Federation is afraid of a trade war, all the same.

Aluminum Association President Giles Ashmead, said: “The proposed 10% tariff on aluminum, which is in the USA, unfortunately.

“While the United States is not the largest export market for UK-manufactured from aluminium, arbitrary customs duties are a barrier to free trade, and little to do, in order to ensure a ‘level playing field’ for global trade.”

Canada and Mexico are exempt, the rates, during the negotiations about the North America Free Trade Agreement (Nafta).

The last round of Nafta negotiations, due to be held this spring in the United States.