Prime Minister Sir Keir Starmer has said the UK will “keep all options on the table” as US President Donald Trump’s tariffs on imports of steel and aluminium kick in.
Sir Keir said the UK was taking a “pragmatic” approach and was pushing for a trade deal, but the Conservatives said Labour has “no plan” as steelmakers raised concerns about cheap steel being redirected to the UK because of the US tariffs.
In contrast to the UK, the EU said on Wednesday it will impose counter tariffs on €26bn (£22bn) of US goods.
The UK exports hundreds of millions of pounds worth of steel to the US per year.
Trump hopes the tariffs will boost US steel and aluminium production, but critics say it will raise prices for US consumers and dent economic growth.
US markets sank on Monday and Tuesday as traders and analysts expressed recession fears. The tariffs introduced on Wednesday mean US businesses wanting to bring steel and aluminium into the country will have to pay a 25% tax on them. These costs will probably be passed on to US consumers.
European Union President Ursula von der Leyen said tariffs “bring uncertainty for the economy. Jobs are at stake, prices up, nobody needs that, on both sides, neither in the EU or the US.”
She said the EU’s retaliatory tariffs were “strong but proportionate” and that the EU remains “open to negotiations”.
The EU tariffs will be imposed on “products ranging from boats to bourbon to motorbikes” the EU said. They will be partially introduced on 1 April and fully in place on 13 April.
