UK calls Trump's imposition of duties on metals a crushing blow
US President Donald Trump's decision to impose duties on imports of aluminum and steel will be a crushing blow to the UK steel sector. Gareth Stace, CEO of the steel producers' association UK Steel, said on February 10.
"The imposition of US duties on UK steel will be a crushing blow to our industry. The US is our second largest export market after the EU," the Daily Mail quoted the association's CEO as saying.
He said that at a time of reduced demand and high costs, growing protectionism around the world and in particular in the US will hurt exports and the UK steel sector. He also pointed out that there would be a redistribution of trade flows due to the imposition of duties. Due to this, the UK may face an influx of steel imports at unfair prices, which will affect the viability of the British industry.
Earlier in the day, the American president announced that he would impose duties of 25% on steel and aluminum imported into the US. Trump said he would announce the duties "probably on Tuesday or Wednesday". Such duties will be imposed on products from those countries that have previously imposed retaliatory restrictions on U.S. products.
Prior to that, on February 1, Trump signed an executive order imposing trade tariffs of 25% on goods from Canada, China and Mexico. Then he also promised to impose duties on goods from the EU. With this decision, Trump seeks to reduce the flow of the opioid fentanyl across the border, as well as the flow of migrants.
In response, the State Council of the People's Republic of China on February 4 reported that from February 10, China imposes duties of 15% on coal and liquefied natural gas (LNG) from the United States. In addition, it was noted that tariffs of 10% will be imposed on U.S. oil, multi-cylinder cars, pickup trucks and agricultural machinery.
Reuters reported on February 6 that retaliatory Chinese duties against the United States could lead to a reduction in U.S. oil exports in 2025 for the first time since the COVID-19 pandemic began.
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