In response to President Trump announcing his plan to impose 25% tariffs on all US steel and aluminum imports earlier this week and the more recent Executive Order on reciprocity, BritishAmerican Business CEO Duncan Edwards said:
“The section 232 tariffs on Steel and Aluminim were suspended by the Biden administration, not cancelled. The USTR always reserved the right to keep this issue under review and has now concluded that imports of cheap steel are a threat to US national security.
“At BAB we regret this decision but acknowledge it is part of the new administration’s economic strategy to strengthen US manufacturing and protect the US steel industry from the effects of cheaper steel leaking through to the global market from China and other places.
“We expect the UK government to use the time between now and March 12th, when this tariff is due to come into effect, to argue for an exemption for its producers.
“The policy announced on Thursday to seek tariff reciprocity with countries that the US trades with should not come as a surprise, as this has been a long-held view of the President and those close to him.
“The US has long been one of the world’s most open markets for exporters, and many countries with which the US has a trade deficit have higher tariff and non-tariff barriers than the US currently is allowed to impose on them under WTO rules.
“Many people close to the President believe this is unacceptable. Exactly how the reciprocal tariff will be calculated, and whether it includes charges like VAT and Digital Services Taxes, will be the focus of much attention in Treasuries around the world.
“Our hope at BritishAmerican Business, is that the UK’s relatively open market and balanced trade with the USA gives it a chance to avoid much of the impact of this policy but nothing should be taken for granted.”
About BritishAmerican Business
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and actions that protect and enhance the environment for transatlantic trade and investment on behalf of our members.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.
