UK unveils steel strategy to counter U.S. tariffs

The British Department for Business and Trade announced on Sunday that it is seeking public feedback on a steel strategy aimed at maintaining the global competitiveness of the British steel sector while addressing challenges posed by U.S. tariffs on steel imports, reported Xinhua.

Speaking to the BBC on Sunday, British business secretary Jonathan Reynolds said tariffs could increase costs for U.S. taxpayers.

Britain and the U.S. have a "mutual interest" in negotiating an exemption for Britain from U.S. President Donald Trump's planned tariffs on steel, he said, noting that Britain can offer the U.S. "very specialized" steel and aluminum exports, such as submarine casings made in Sheffield.

According to the strategy, the British government will inject 2.5 billion pounds (3.15 billion U.S. dollars) into the domestic steel industry and encourage infrastructure projects to prioritize British-made steel. The planned expansion of Heathrow Airport, for instance, is expected to use 400,000 tonnes of steel.

Trump has announced a 25 percent tariff on all steel imports starting in March, raising concerns within the British government over rising trade costs, as the U.S. accounts for approximately 10 percent of British steel exports.

The industrial association, UK Steel, said the tariffs would be a "devastating blow" that would damage the sector's 400 million pounds annual contribution to the transatlantic trade.