

Photo: Bloomberg
The U.K. has been temporarily spared from U.S. President Donald Trump's executive order doubling steel and aluminum tariffs to 50%.
According to BBC News, the order raises import taxes for U.S.-based firms buying the metals from other countries from 25% to 50%, starting June 4, but the levy remains at 25% for the U.K.
Trump said in the order that the U.K. needed "different treatment" because of the U.S.-U.K. Economic Prosperity Deal (EPD) signed on May 8, which is awaiting finalization, and seeks to remove all tariffs on steel and aluminum tariffs.
Read More: Trump Announces Trade Framework With U.K., Lowering Barriers
However, Trump later added that the U.S. might increase the tariff on the U.K. on or after July 9, if it "determines that the United Kingdom has not complied with relevant aspects of the EPD."
After imposing and rapidly lifting tariffs on much of the world, only to reduce them, Trump has now refocused on the global steel and aluminum markets, which are dominated by China.
Read More: Survey: Tariffs a 'Slow Bleed on Profitability' for U.S. Manufacturing
Trump signed an executive order formalizing the move on June 3. Higher tariffs “will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries,” the order said.
RELATED CONTENT
RELATED VIDEOS
Timely, incisive articles delivered directly to your inbox.







