Trump tariffs of 25% in steel and aluminum will take effect worldwide as Europe says it will reward – live business | Trump Tariffs

The UK has the right to retaliate but will accept a “pragmatic” approach in response to global tariffs imposed by the US, a Treasury minister said.

James MurrayExchequer Secretary to Treasury, said:

We can’t pay that way right away.

He said the tariffs were “failed” but “we wanted to make a pragmatic approach, and we quickly organized an economic agreement with the US, with the potential to remove additional tariffs”.

Asked if the imposition of revenge tariffs would stay on the table, Murray told Times Radio:

We dedicate our right to retaliate, but we are very clear that we want a pragmatic approach, working closely and productive in the US.

Tariffs will have “strictly harmful consequences for UK suppliers and their US customers,” the UK UK steel industry group has warned. They will also have further harmful indirect impact of steel trade from the US in markets such as the UK. Further reward tariffs are expected to be announced by the US on 2 April.

The US is the second most important UK export market for steel after the EU, especially since it is a high market value, UK Steel explains. The US exports an account for 9% of the Exports of iron in the UK by value and 7% by quantity. It is mostly steel specialist entering areas such as defense, oil and gas, construction equipment and packaging.

It is at a time of global excessive and overweight, high energy costs, and weak demand, making the blow to the UK exports of “all more harmful”.

General of UK Steel Director, Gareth Stacesaid:

The imposition of tariffs on UK Steel from the US administration has failed. President Trump will surely recognize that the UK is an ally, not an enemy. Our steel sector is not a threat to the US, but a partner with the main customers, who shares the same values ​​and goals in responding to global overcapacity and dealing with unfair trade.

These tariffs may not come at a worse time for the UK steel industry, as we fight high energy costs and occupied home demand, against an extremely over and ongoing protectionist global scenery. At least, the EU is also pushing ahead of trade restrictions that will boost the impact of US tariffs.

It is important that the UK government not only continues to work on the US exceptions, but also takes decisive action to strengthen our trade defenses. We greatly appreciate all the efforts that have been made to this day and will continue to work closely with our government to secure the best possible outcome.

The UK is partially protected from trading exploitation. The steel care quotas were linked every year and are now 22% greater than when they were first introduced in 2018. At the same time, the UK demand was contracted by 16%. These quotas are overwhelming and do not offer enough protection from the large-scale trading change that is likely to take place, says UK Steel.

These steps will disappear in June 2026. It is important that the existing steps are tight, as the EU is performed using its own steps, and concrete plans are placed for replacement of care, perfectly before their expiry. There is a huge amount of momentum around the iron in the EU, including the iron and metal action plan to be presented on March 19. This will further add pressure both to the direct export of the UK, as well as our trade defenses.

Julia Kollewe in London was taken.

The European Commission said steel and aluminum products were hit with tariffs in return, But also fabrics, leather goods, household appliances, plastic tools in the house and wood. Agricultural products will also be affected -including chickens, beef, some foods, nuts, eggs, sugar and vegetables.

President of the Commission Ursula von der leyen said:

We will always remain open to negotiations. We strongly believe that in a world that is full of geopolitical and economic uncertainty, it is not our common interest to bear our economies in tariffs.

Donald Trump It is said that his taxes will help create jobs at the US factory, but Von der Leyen warned:

The jobs are at stake. Prices will climb. In Europe and the United States.

We are very sorry for this proposal. Tariffs are taxes. They are bad for business, and worse for consumers. These tariffs interfere with supply chains. They bring uncertainty for the economy.

The UK’s Prime Minister, Keir Starmer.

Read the full story below:

Here are some reactions from the UK with Britain’s trade minister Jonathan Reynolds who said on Wednesday that he failed the US tariffs on iron and aluminum, according to a report from Reuters.

Reynolds said:

I will continue to engage closely and productive in the US to hit the case for business interests in the UK.

We focus on a pragmatic approach and quickly communicate with a broader economic agreement in the US to eliminate additional tariffs and benefit businesses in the UK and our economy.

I will continue to engage closely and productive in the US to hit the case for business interests in the UK. We keep all the options on the table and will not hesitate to respond to national interest

He added that the government remains “determined” in its support of the UK industry.

This government is working on affected companies today, and I will return the industry application to the authority of trade remedies to investigate what additional steps may be needed to protect UK producers.

Ed Husic, Australian industry and science minister and science, spoke on ABC TV on Wednesday and asked if he was considering tariffs as a way to treat a good friend and ally.

Husic replied:

Let’s call a spade of a spade. I think this is a dog act after more than a century of friendship.

The Australians stood and stood with the Americans for decades. In fact, Australians shed blood next to the Americans in various conflicts. We come together not only from a national security perspective but from an economic security perspective also, trying to improve trade relations between countries because it is good for economies and workers when done right.

What have we seen here, what happened?

The European Commission said on Wednesday that it would impose “countermeasures” starting on 1 April In response to US tariffs of 25% in steel and aluminum imports.

European Commission Chief Ursula Von der Leyen said in a statement that Brussels was “launching a series of countermeasures” in response to “unfair trade restrictions”.

Hello and welcome to our live range of global response to Donald Trump’s New tariffs. 25% global steel and aluminum tariffs occur at midnight ET “without exceptions or exceptions”.

The European Commission responded immediately, saying it would impose counters on € 26bn ($ 28bn) worth of US goods from next month.

“We greatly regret this proposal,” the European Commission head Ursula von der leyen A statement about US tariffs, as Brussels announced that it was “launching a series of countermeasures” in response to “unfair trade restrictions”.

Deputy Prime Minister of Australia Richard Marles Wednesday said the lack of exceptions was “really failed”, calling the tariffs “an act of the type of economic self-harm”. He told Radio Station 2GB: “We will find other markets for our iron and our aluminum and we have different markets.”

You can read the whole story here and stick to us for all developments as they open.