Key Takeaways
- The UK plans to ask the US for a quick steel deal to reduce tariffs on British steel exports to zero.
- US President Donald Trump raised tariffs on US steel imports to 50% to strengthen the domestic steel industry.
- The Economic Prosperity Deal aims to reduce tariffs on British steel exports to zero.
Washington: UK Secretary of State for Business and Trade Jonathan Reynolds will ask the US for a quick steel deal next week, the Financial Times reported.
On Saturday, US President Donald Trump said he was raising tariffs on US steel imports to 50% in order to strengthen domestic steel industry.
Reynolds will call on the US administration to quickly conclude a deal to reduce tariffs on British steel exports to zero, the publication’s said.
Reynolds will meet next week with US Trade Representative Jamieson Greer on the sidelines of the OECD meeting in Paris and try to agree on the timing of the implementation of the so-called Economic Prosperity Deal.
The publication emphasizes that the consequences of Trump’s threats for the British steel industry are not yet clear, but “the outlook does not look good.” British officials admit that even if trade deals are successfully concluded, it usually takes several months for them to come into force.
