With looming US tariff hikes on steel, the UK is pushing for a swift implementation of a trade deal meant to protect £400mn in exports and safeguard industry jobs.
UK Business and Trade Secretary Jonathan Reynolds is set to press the Trump administration next week to fast-track implementation of a deal that would eliminate tariffs on British steel exports, as the US prepares to double global steel tariffs to 50%.
British officials admit there is still no clear understanding of how President Trump's new tariffs — effective from Wednesday — will impact the UK's £400mn in steel exports to the US. Despite the urgency, they acknowledge that enacting trade deals usually takes months.
The UK and US signed a non-binding Economic Prosperity Deal on May 8, which includes US tariff cuts on UK steel, aluminium, and vehicles. However, none of the changes have yet come into effect.
Reynolds will meet US trade representative Jamieson Greer in Paris during an OECD event to discuss implementation timelines. The UK is also lobbying for accelerated progress on a separate deal to lower tariffs on British car exports.
Industry leaders are warning of severe consequences if the US tariff hike proceeds without relief for UK producers. Gareth Stace of UK Steel called the potential 50% tariff “a body blow,” citing uncertainty over whether the US will remain a viable export market.
The UK government confirmed it is working to ensure businesses benefit from the deal swiftly and that the Economic Prosperity Deal will be presented to parliament. But trade experts warn that Trump’s court battles may delay progress on the agreement.
The British government has threatened legal action against Roman Abramovich to ensure that the £2.5 billion from his 2022 sale of Chelsea Football Club goes to victims of Russia’s war in Ukraine.
Prime Minister Keir Starmer has launched a major defence overhaul to prepare Britain for modern threats, but experts warn that the lack of clear funding raises doubts about its viability.
The European Commission has given the green light to a joint venture between BAE Systems, Leonardo, and Japan Aircraft Industrial Enhancement Co. to lead the development of a next-generation fighter jet.
Britain’s Trade Minister Jonathan Reynolds is set for a pivotal week of negotiations with U.S., EU, and Indian officials as fresh U.S. steel tariffs complicate the implementation of recent trade agreements.
British energy giant BP has announced final investment decisions for two major projects in Azerbaijan: the construction of the 240 MW Shafag solar power plant in Karabakh and the electrification of the Sangachal terminal near Baku.
Smoke from intense wildfires burning across Canada has spread thick haze over parts of the US Midwest, causing “very unhealthy” air quality in Minnesota, Wisconsin, and Michigan on Tuesday.
Meta is turning to nuclear power to meet its rising energy needs for artificial intelligence and computing.
Bill Gates says nearly all of his wealth will go toward improving health and education across Africa over the next 20 years.
China’s electric scooter boom is accelerating the rise of salt-based batteries — a cheaper and safer alternative to lithium.
The European Union and China will hold a new round of trade talks this month, ahead of a planned EU-China summit in July, the European Commission said on Tuesday.
On May 28, the inauguration ceremony of Lachin International Airport was held.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
In a major blow to one of President Donald Trump’s key economic policies, a US federal court has blocked the administration’s sweeping global tariff regime, ruling that the White House overstepped its constitutional authority.
Smoke from intense wildfires burning across Canada has spread thick haze over parts of the US Midwest, causing “very unhealthy” air quality in Minnesota, Wisconsin, and Michigan on Tuesday.
Bill Gates says nearly all of his wealth will go toward improving health and education across Africa over the next 20 years.
The European Union and China will hold a new round of trade talks this month, ahead of a planned EU-China summit in July, the European Commission said on Tuesday.
More than 1,800 people have been arrested in a major anti-scam operation across seven Asian jurisdictions, including Hong Kong, Singapore, South Korea, Thailand, Malaysia, the Maldives, and Macao, authorities announced on Tuesday.
Latvia, Colombia, Liberia, Congo, and Bahrain—have been elected to the United Nations Security Council in an uncontested vote.
Smoke from intense wildfires burning across Canada has spread thick haze over parts of the US Midwest, causing “very unhealthy” air quality in Minnesota, Wisconsin, and Michigan on Tuesday.
Meta is turning to nuclear power to meet its rising energy needs for artificial intelligence and computing.
Bill Gates says nearly all of his wealth will go toward improving health and education across Africa over the next 20 years.
China’s electric scooter boom is accelerating the rise of salt-based batteries — a cheaper and safer alternative to lithium.
The European Union and China will hold a new round of trade talks this month, ahead of a planned EU-China summit in July, the European Commission said on Tuesday.
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