The fallout and reaction from affected nations of the trade tariffs imposed by the US is understandably negative, with them mostly furious and UK MPs have reacted with condemnation. Labour’s Barry Gadiner has stated that the UK should stand up to Donald Trump’s bullying with the UK government and EU working closely together on counter measures, with Liam Fox, International Trade Secretary stating that “tit-for-tat” action was an option.
UK industries rely on the US trade of steel and aluminium and jobs could be at risk if these tariffs are kept in the long-term, with 25% on steel and 10% on aluminium which comes into effect today.
The effect in numbers
The numbers look as followed for the UK, with 31,000 people directly employed within the steel industry with most of the mills in the north and north-east of England along with east Midlands and Wales. It will be poorer communities that would be disproportionately affected. Annual sales and exports make up around £3.8 billion, with £360 million going to the US, this represents around 7% of steel exports or 350,000 tonnes worth of steel.
Everyone within the industry has called for swift action to be taken because this would cause significant decline within the industry, with businesses being forced to make cuts to maintain profits and this will hurt the communities where the mills reside.
