Great Britain is scrapping today for the steel rates of Donald Trump, while Keir Starmer promises a 'cooling-headed approach'.
The 25 percent Levies on Steel and Aluminum – Brand 'Beautiful' by the US President – will come into effect tomorrow.
The prime minister is supposed to have brought up the issue during a call with Mr. Trump last night, but so far there is no sign that the UK will have an exemption.
Government officials have indicated that there is probably no immediate retribution if the action continues.
Markets are grabbed by panic about the prospects for the global economy while the White House is rising. The FTSE 100 fell by more than 1 percent today – although it has largely escaped the enormous plungs on American indexes such as the Nasdaq.
In his last escalation this afternoon, Mr Trump doubled his planned rate on steel and aluminum products from Canada – which brought the total to 50 percent.
That was a reaction to the province of Ontario that placed a rate of 25 percent on electricity in the US.
Keir Starmer is supposed to have raised rates during a phone call with Donald Trump last night, but so far there is no sign that the UK will be exempted (shown together last month)
The FTSE 100 fell by more than 1 percent today – although it has largely escaped the huge plungs on American indexes such as the Nasdaq
The Dow Jones fell on the news this afternoon and was at the lowest level since September.
In addition to Canada, Mexico and China are the target and Mr. Trump has threatened the EU and the UK.
There is an alarm that a global trade war between the world's largest economies will hammer business profits, raises prices and reaches the standard of living.
Mr. Trump refused to exclude a recession in the US this weekend – which caused the last wave of unrest in financial markets.
During Sir Keir's visit to the US, Mr. Trump Hints dropped that the UK would be saved from the worst of his rates, and said that the Prime Minister had worked hard to convince him during lunch.
The president also said that he hoped for a 'very good' transatlantic trade agreement to prevent the need for taxes.
He put alarm bells on ringing by stating that he considered VAT that caused an imbalance on the trade, causing 'mutual' rates to compensate for the indictment. VAT is even a sales tax.
Groot -Britain exported 166,433 tons of steel to the US in 2023, the last full year for which figures are available.
Statistics from Trade Body UK Steel showed that around 162,716 tons were sent to the US in 2024, but that does not include any data from December.
The US is the second largest industry export market after the EU, although the government said that it was only 5 percent of British steel output in 2023.
In a post on his social social site today, Mr Trump announced his increased levy to Canada.
A general shot from the Talbot factory of Tata, which is switched to an eco-edge
“Canada must also immediately fall their anti-American peasant rate from 250 percent to 390 percent on various American dairy products, which have long been considered scandalous,” he said.
“I will soon explain a national emergency situation in the endangered area.”
He also threatened to 'considerably increase' the rates on cars that enter the US on 2 April if other serious, long time rates are not also fallen by Canada '.
