Donald Trump announced on Tuesday that an extra 25 per cent tariff would be added to hundreds of products containing steel and aluminum.
In total, there were more than 400 new categories listed in the shock announcement by the Trump administration earlier this week.
Whilst any good that contains steel or aluminum will be taxed at the higher rate, only the part of the exported product that contains the metal will be subject to this tariff.
The new tariffs comes after lobbying from US steel companies, reminding Trump of his pledge to prioritize the domestic economy.
US President Donald Trump announced the higher tariffs on steel and aluminum during a rally in Pennsylvania in May (Photo: Saul Loeb/AFP via Getty)
When will the tariffs be implemented?
The tariffs came into force as soon as they were announced on Tuesday, and were to be applied to goods already en route to the US.
There have been reports that hundreds of orders are being delayed or cancelled as a result of the tariffs, meaning some companies are losing out on millions of pounds.
Graeme Macdonald, the CEO of construction company JCB, told The Sunday Times that the move had led to “chaos” at the US ports.
Trump and Starmer announced they had signed off on their trade deal in June, which had been delayed by disputes over US tariffs (Photo: Suzanne Plunkett/AFP)
What has been the UK’s response?
It is likely that the shock move came as a surprise to officials in the business department, especially since a “breakthrough” trade deal which included cutting tariffs rates on British aluminum and steel to zero was supposedly agreed just months ago.
The government would have hoped that the trade deal regarding steel and aluminum would have taken effect by this point and that US concerns about what counted as “British” steel could be swept aside.
A statement from the UK government this week read: “Thanks to our trade deal with the US, the UK is still the only country to have avoided 50 per cent steel and aluminum tariffs, but we are committed to going further to give industry the security they need, protect vital jobs, and put more money in people’s pockets.
“We will continue to work with the US to get this deal implemented as soon as possible and in the industry’s best interests”.
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