UK Announces £2.5 Billion Steel Investment Plan Amid Tariff Threats

The UK government is accelerating its £2.5 billion investment plan for the steel industry in response to US President Donald Trump's announcement of a 25% tariff on steel and aluminum imports. Business Secretary Jonathan Reynolds will publish the 'Plan for Steel' green paper ahead of schedule, addressing urgent challenges posed by the tariffs, which could jeopardize over £400 million in annual steel exports to the US. The funding will come from Britain's National Wealth Fund, aimed at enhancing the sector by tackling long-term issues such as high electricity costs and unfair trading practices. Reynolds expressed optimism about negotiating an exemption for British steel products, highlighting their importance to American defense and manufacturing supply chains. Industry leaders, including Gareth Stace from UK Steel, have warned that the tariffs could harm UK exports and trade balance, especially amidst a rise in global protectionism. The government remains committed to ensuring a sustainable future for the steel industry amid these challenges.