The UK’s commerce secretary, Jonathan Reynolds, will meet his US counterpart subsequent week to thrash out a timeline for exempting the UK from US metal and aluminium tariffs after Donald Trump introduced he would double them.
British officers are looking for readability on the implications of Trump’s announcement on Friday evening that he deliberate to double the tariffs from 25% to 50% from Wedneday 4 June, piling additional strain on world metal commerce.
Reynolds is anticipated to fulfill his US counterpart, Jamieson Greer , on the OECD assembly in Paris subsequent week. He’ll search to agree a timeline for implementing the deal agreed to decrease metal, aluminium, auto and different product tariffs.
A UK authorities spokesperson stated: “The UK was the primary nation to safe a commerce cope with the US earlier this month and we stay dedicated to defending British enterprise and jobs throughout key sectors, together with metal.”
“We’re participating with the US on the implications of the newest tariff announcement and to offer readability for business.”
The Guardian reported that British officers had been intensifying commerce talks with the US and hope to see the deal applied inside weeks.
A authorities supply stated: “Some international locations are viewing the courtroom ruling as a sign that they had been proper to not negotiate over tariffs. We’re taking the alternative view, and making an attempt to get this deal applied as quickly as attainable.”
Trump and Keir Starmer introduced a US-UK commerce deal earlier this month beneath which on British metal and aluminium will probably be lowered to zero, and tariffs on as much as 100,000 British automobiles a yr will probably be lowered from 25% to 10%.
The deal didn’t cowl Trump’s blanket 10% tariffs on all international imports, which a federal courtroom overturned final week, arguing that the US president had overstepped his powers. An appeals courtroom paused the ruling and stated Trump’s tariffs might proceed whereas it examines the arguments.
The European Fee stated on Saturday that it “strongly” regretted Trump’s determination to double metal and aluminium tariffs, and warned that the EU was ready to retaliate.
“This determination provides additional uncertainty to the worldwide financial system and will increase prices for customers and companies on either side of the Atlantic,” a spokesperson for the fee stated, including that “the tariff improve additionally undermines ongoing efforts to succeed in a negotiated resolution”.
“The EU is ready to impose countermeasures, together with in response to the newest U.S. tariff improve.”
“The European Fee is at present finalising consultations on expanded countermeasures. If no mutually acceptable resolution is reached, each present and extra EU measures will mechanically take impact on 14 July – or earlier, if circumstances require.”
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