UK steel industry braces for slump in trade as US reduces tariffs on EU
by Jasper Jolly from on (#5TF4P)
Tariffs remain on UK exports to US as European Union rivals gain a 25% price advantage from New Year's Day
The UK steel industry is braced for an immediate slump in trade from New Year's Day when European Union rivals will gain a 25% price advantage selling to the giant US market.
The EU and the US reached a Halloween agreement to remove tariffs on a quota of steel and aluminium imported from the bloc into the US from 1 January, but tariffs will remain on all UK steel and aluminium exports after government talks failed to secure a matching breakthrough.
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