The British government has given its strongest signal to date that it will seek exemptions from threatened prices on British steel entering the United States.
US President Donald Trump announced 25% of steel taxes entering the country, which means that US companies face more to import metal.
But business secretary Jonathan Reynolds told the BBC that the United Kingdom had a solid case to avoid border taxes, since the amounts that Great Britain exported to the United States was low compared to D ‘Other countries and because steel has been used in areas such as defense.
Trump previously said that prices will be applied on March 12 “without exception or exemptions”.
The government said that it would not immediately retrieve new measures announced this week, despite many members of the steel industry calling for Great Britain to join the European Union and Canada who said it was going to fight back against politics.
The United Kingdom is not a large supplier of steel in the United States, the country representing around 10% of exports in British steel. However, for some suppliers of specialized products, trade with the United States is much larger.
There are also concerns within the industry that prices could not only hinder exports to the United States, but also lead to an excess of “spilled” steel in the United Kingdom.
This could happen if other countries that were no longer exported to the United States decide to unload steel at cheaper prices, which could potentially lead to British thinness.
Reynolds acknowledged that there was a global surplus of steel and aluminum, but said that he would tell the Trump administration that the United Kingdom was not the problem.
His comments also suggested that the United Kingdom would be reluctant to join potential reprisals by the EU at any other price imposed by the United States, adding that “British national interest was better served by free trade”.
The prices are paid by important companies of overseas goods, not by foreign companies that sell the products.
It is feared that the measures will lead to an increase in inflation if the company buying the goods transmits the cost of the price by invoicing their customers more.
In some cases, the company could decide to absorb the costs themselves, or simply reduce imports, which would strike foreign exporters-and in the case of the United Kingdom, the British Aciélets exporting to the United States .
Earlier this week, the spokesman for Prime Minister Sir Keir Starmer refused to say if Trump was wrong to impose the prices.
The threat of trade rates has been noted would have created uncertainty for British companies, which should be hit by higher taxes from April.
Reynolds conceded that tax increases on companies announced in the budget had been “difficult” for companies whose government “asked a lot”.
Presenting before a gathering of business leaders near Kings Cross, Reynolds announced new advice for the competition dog to be more agile, rapid and less opposed to risk.
The meeting intervened after the president of the competition and the market authority (CMA) was recently forced to leave the ministers for concerns that it had not been sufficiently focused on economic growth.
The business secretary has suggested that the government could take other measures to reduce the regulatory burden of business.
“I think we must really ask ourselves, have we got the right number of regulators?” Said Reynolds.
