Lates News

According to the Financial Times, British Secretary of State for Business, Trade, and Investment Jonathan Reynolds will next week request the United States to swiftly reach a steel trade deal. On Saturday, U.S. President Donald Trump stated that the U.S. will increase tariffs on imported steel to 50% in order to strengthen the domestic steel industry. The report indicates that "British Secretary of State for Business, Trade, and Investment Jonathan Reynolds will urge the Trump administration next week to quickly reach an agreement to reduce import tariffs on British steel to zero." Reynolds is set to meet with U.S. Trade Representative Jamie Green during the Organization for Economic Cooperation and Development meeting in Paris next week and attempt to reach a consensus on the timeline for the so-called Economic Prosperity Agreement. The report emphasizes that it is currently unclear how Trump's threat will impact the British steel industry. However, the "outlook is not optimistic." British officials acknowledge that even if the deal is successful, it typically takes several months to take effect.