US Grants UK Temporary Steel Tariff Exemption

The UK has received a temporary exemption from the US decision to double tariffs on steel and aluminium imports to 50%, retaining the 25% rate while a new UK-US trade agreement is finalized. This exemption could be revoked after July 9 if the UK is found non-compliant with the deal's terms, while most other countries now face the higher tariff. UK industry leaders have welcomed the relief, but US buyers remain hesitant due to ongoing uncertainty regarding quotas and coverage for derivative products. The agreement, which is not yet fully implemented, is critical for the UK steel sector, which exports between £370-700 million annually to the US. Talks continue between UK Trade Secretary Jonathan Reynolds and US officials to resolve outstanding issues and potentially eliminate tariffs altogether. The UK government is emphasizing its focus on creating a stable trading environment as negotiations proceed.