A number of metal tariffs which were due to be imposed on the UK by the US on 1 May 2018 have been postponed by US President Donald Trump.
On Monday, Mr Trump announced that a 25 per cent tariff on steel and a 10 per cent duty on aluminium exports to the US, which were due to come into effect on Tuesday, would be postponed by 30 days.
Previously, Mr Trump had set himself a deadline of the beginning of May to make a decision on whether exemptions from the two tariffs would continue for the European Union (EU) and US allies after temporary exemptions expired.
But now, the issue appears to be very much ‘up in the air’, as metal manufacturers will need to wait a further 26 days before a final decision on the matter is confirmed.
A spokesperson on behalf of the UK Government has hailed the Trump administration’s move to “extend negotiations with Canada, Mexico and the European Union for a final 30 days” on Monday as “positive” news for British manufacturers and other businesses with a stake in the steel and aluminium industries.
However, she said that a certain level of “safeguarding” would be required.
“We remain concerned about the impact of these tariffs on global trade and will continue to work with the EU on a multilateral solution to the global problem of overcapacity, as well as to manage the impact on domestic markets,” she said.
Gareth Stace, UK Steel Director, warned: “This extension comes with a health warning. 30 days does not give us much time and all signs point towards a US insistence on the restriction of steel exports by its allies.
“We know ultimately that both tariffs and quotas would be negative for all parties.”