President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
The British steel industry is grappling with its most significant crisis in decades, as the government has been forced to intervene in an emergency bid to save the country's last operational blast furnaces at British Steel.
UK Business Secretary Jonathan Reynolds has suggested that the government may consider Chinese investment in British Steel, but he emphasized that any such bids would be subject to thorough scrutiny, particularly due to national security and economic concerns.
The UK government has taken control of British Steel’s Scunthorpe plant in a bid to save the country’s last major steelmaking site.
Hyundai Steel, in partnership with Hyundai Motor Group, announced a $5.8 billion investment to build a new steel plant in Louisiana, U.S., with an annual capacity of 2.7 million tonnes.
Canada will introduce $29.8 billion in retaliatory tariffs in response to the U.S. decision to impose 25% duties on steel and aluminium imports. The move follows similar action by the EU, escalating trade tensions with Washington.
The UK government has unveiled a multibillion-pound plan to strengthen its steel industry and maintain its global competitiveness.
U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.
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