The UK government on Sunday announced a multi-billion-pound plan to protect Britain’s steel industry, as it faces looming US trade tariffs. Prime Minister Keir Starmer’s Labour administration said it was stumping up to £2.5 billion ($3.2 billion) to help support the sector.It also launched a consultation looking at how to “protect the steel sector from unfair trading practices abroad” and reduce high electricity costs. “The UK steel industry has a long-term future under this government,” Business Secretary Jonathan Reynolds said in a statement.
The announcement came days after US President Donald Trump said he would impose 25 percent tariffs on steel and aluminium imports from March 12. Canada, Mexico and Brazil are among the biggest steel exporters to the United States, followed by South Korea.
Britain exports about 10 percent of its steel to the US, shipping nearly £400 million ($495 million) worth there in 2023. The UK’s steel industry body has said the tariff plan would be a “devastating blow”.Starmer’s government says it is “engaging” with Trump’s administration “to work through the detail” of his announcement.
