US tariffs puts more pressure on UK steel

Posted on 14 Jun 2018 and read 476 times
US tariffs puts more pressure on UK steel Following a meeting with UK Steel earlier this month, International Trade Secretary Liam Fox made a statement in the House of Commons detailing the Government’s response to tariffs imposed on steel and aluminium imports by the US government, and its on-going support for industry.

Highlighting the details of President Trump’s announcement on 31 May that the USA would impose tariffs of 25% on steel imports and 10% on aluminium imports from the European Union, Mr Fox said: “We are deeply disappointed that the USA has taken this unjustified decision, particularly on grounds of national security. We share a strong defence and security co-operation relationship.

As close allies in NATO, permanent members of the UN Security Council and nuclear powers, close co-operation between the UK and the USA is vital to international peace and security; other EU states are also key players in transatlantic security co-operation.”

UK Steel director Gareth Stace said: “The announcement from the USA was expected, but a hammer blow nonetheless. UK steel producers now face a tax disadvantage that we know will significantly undermine their ability to export
to the USA and will undermine our sector’s nascent recovery. This cannot stand.

“The Secretary of State has shown that he stands with the UK steel sector in condemning the unjustified US steel tariffs, supporting a strong and swift EU response, and using our close relationship with the USA to exert influence where possible.

“The top priority for the UK Government must be to continue to support the European Commission to secure a complete and permanent exemption for the EU from these absurd tariffs.

“Secondly, with President Trump closing off US markets to steel from around the world, the EU must ensure we are not now overwhelmed with boats lining up to offload steel at British ports.

We have already seen steel imports into the EU increase by 8.4% in the first quarter of the year, so there is no time to lose.

“Thirdly, the EU has rightly lodged a formal complaint with the World Trade Organisation to challenge these tariffs, and the UK Government must further support this complaint by offering any assistance required to ensure a swift conclusion to the investigation.”

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