The UK government has unveiled a multibillion-pound plan to strengthen its steel industry and maintain its global competitiveness.
The UK government has announced a multibillion-pound plan to strengthen its steel industry and maintain global competitiveness. The move comes as concerns rise over the impending 25% U.S. tariffs on British steel and their potential impact on exports and domestic pricing.
To safeguard the industry, the UK government is injecting £2.5 billion into the sector. It is also prioritizing infrastructure projects to boost domestic production. Additionally, the British Department for Business and Trade is seeking public feedback on a new steel strategy. A consultation has been launched to address key challenges such as high electricity costs, unfair trading practices, and scrap metal recycling.
The urgency of these measures is driven by the fast-approaching deadline for U.S. tariffs on steel imports, set to take effect on 12 March.
British Business Secretary Jonathan Reynolds has warned that the tariffs could increase costs for U.S. taxpayers. He argues that both the UK and the U.S. have a "mutual interest" in negotiating an exemption, particularly as the UK supplies specialized steel products like submarine casings from Sheffield.
There are growing concerns that the U.S. tax hikes could severely impact the UK steel industry, which contributes £400 million annually to transatlantic trade. While the U.S. accounts for just 10% of UK steel exports, it remains crucial for specialized producers.
Former U.S. President Donald Trump, who introduced the tariffs, has insisted they will be enforced "without exceptions or exemptions."
As the tariff deadline looms, the UK government is taking proactive steps to protect its steel industry, ensuring its long-term sustainability and global competitiveness. However, the full impact of the U.S. tariffs remains to be seen.
The 14th Sharjah Light Festival is lighting up Sharjah, UAE, with a stunning fusion of technology and cultural heritage.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
Start your day informed with AnewZ Morning Brief: here are the top news stories for February 21st, covering the latest developments you need to know.
Marco Rubio says a Trump-Putin meeting hinges on resolving the Ukraine war.
China has voiced support for U.S. President Donald Trump’s direct negotiations with Russia to end the war in Ukraine, while U.S. allies reaffirmed their backing for Ukrainian President Volodymyr Zelenskyy at a G20 meeting in South Africa.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
USAID has long promoted itself as a supporter of press freedom, but reports suggest its media funding may have influenced domestic narratives in Europe and post-Soviet states. With the Trump administration freezing its grants, the agency’s role in shaping global information is under scrutiny.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment