Trump steel tariff ‘will drive down price globally & hit UK’
DONALD Trump’s steel import tariffs will result in a fresh blow to our ailing sector as the world is flooded with cheap goods, it was claimed yesterday.
Ministers hope the US President will exempt Britain from the 25% levy, which comes into force on Friday.
But UK Steel boss Gareth Stace warned we could still be hit as countries without such a lifeline look to sell elsewhere, forcing down prices. Mr Stace said: “The direct impact will be significant – there are a number of companies whose exports to the US are a significant part of their business and they are very worried. We would see job losses.” Britain sends 350,000 tonnes of steel to the US a year – 7% of all exports. Mr Stace also warned ministers that building the Royal Navy’s latest warship with foreign steel would be “clearly the wrong message to send out”.