UK Will Not Respond to US Steel Tariffs

• Britain will not impose retaliatory trade tariffs in response to U.S. duties on all steel and aluminium imports which are due to come into force on Wednesday, a British government official said on Tuesday.
• While the European Union plans to hit back against the 25% US tariffs on imports of the metals, the official – who asked not to be identified – said Britain would continue to engage with the U.S. to secure an exemption.
• Prime Minister Keir Starmer's official spokesman said on Monday that the UK and the US had a strong economic relationship that was "based on fair and balanced, reciprocal trade." U.S. President Donald Trump said during a visit by Starmer to the White House last month that his administration and Britain would negotiate a trade agreement which could help to avert U.S. tariffs.
• The U.S. accounts for about 5% of UK steel exports and 6% of aluminium exports, according to British government data. U.K. steel exports to the United States are worth over 400 million pounds ($518 million) a year, according to industry body UK Steel which has said the introduction of U.S. tariffs "would be a devastating blow to our industry".

(Source: Reuters)