The UK Steel Industrial Association said that the UK government needs to implement the duty-free trade agreement previously agreed with the United States after further expanding the list of steel derivatives under Section 232, Kallanish reports.
Earlier this week, US President Donald Trump announced that Donald Trump had expanded his tariffs to cover 407 more processed products. These include car parts, equipment, fire extinguishers, plastics, and specialty chemicals containing steel or aluminum.
Despite the fact that the agreement between the United States and the United Kingdom was signed back in May, it has not yet been implemented. UK Steel says the backlog puts domestic exports "at a disadvantage."
Currently, the UK pays a 25% duty on steel exported to the US, while other countries pay a 50% duty.
The association's statement notes that the new duties will be applied in addition to the country's current steel and non-aluminum content rate (10% in the case of the UK). This means that British exporters may face another significant increase in costs for shipments to the United States.
Peter Brennan, Director of Trade and Economic Policy at UK Steel, comments: "This is another blow to the ecosystem of the British steel industry, as any impact on demand for processing products will lead to a decrease in demand. the path through the entire supply chain. With overall weak steel demand, this development makes it all the more important that the UK government deliver the duty-free deal it promised for British steel producers who depend on access to the US market."
The statement calls for "urgent action" to ensure tariff compliance.- free access.
Carrie Bone United Kingdom
Kallanish.com
