UK steelmakers narrowly escaped a hefty 50% import tariff from the US, as President Trump confirmed that the existing 25% rate will continue while a new bilateral trade agreement is finalized. This temporary relief, set to last until July 9, is seen as a vital time-bound opportunity for British steel producers. However, the uncertainty surrounding final tariff rates and the deal's timeline has raised concerns about US buyers potentially looking elsewhere for steel supply. UK Steel's Director-General emphasized the need for stability and the consequent hesitation among US customers in placing orders.
The President's decision not to impose a 50% tariff on UK steelmakers, but to keep the rate at 25% while the UK-US deal is completed, is a welcome pause.
Uncertainty remains over timings and final tariff rates, and now US customers will be dubious over whether they should even risk making UK orders.
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