The British government did not rule out imposing its own tariffs to the United States after the choice of President Trump on imposing a 25 -percent obligation on the import of steel and aluminum. James Murray, secretary of the treasury treasury, emphasized that Great Britain must remain a “cool head”, but warned that “all options are on the table.”
Unlike the EU traffic, as a way to implement EUR 26 billion of remedies against American goods, Great Britain suspends immediate retaliation, specializing in negotiations on the economic agreement in Great Britain. “Of course, applying tariffs is disappointing,” said Murray Times Radio. “We want a pragmatic approach. . . But if necessary, we will defend the British industry. “
Increased Trump tariffs appeared on Wednesday, stretching outside the fundamental steel and aluminum to a whole bunch of derivative products, from the development of screws to can of drinks. Exemptions and duty -free amounts, which previously affected several international partners, have already expired.
The European Commission Oath ends the suspension of tariffs for American goods from April 1, introducing a brand new package of remedies to mid -April. Target products value around 18 billion euros can cover every part from steel and aluminum to textiles, poultry and dairy products. Ursula von der Leyen, president of the commission, emphasized the necessity “acting to protect consumers and business”, calling the tariffs “strong but proportional.”
William Bain, head of trade policy within the British Chamber of Commerce, described the situation as “a difficult day for transatlantic trade”, warning that it brings British and American corporations to increased uncertainty.
President Trump shocked the trust of the market, announcing recent fees for Canadian imports, doubled planned steel and aluminum tariffs to 50 percent, after Ontario imposed a 25 -percentage tariff on electricity entering the USA. The Canadian market is the most important foreign supplier of American steel and aluminum, and joins Brazil, Mexico and South Korea, losing key layoffs or arrangements for amounts.
Australia also expressed dissatisfaction, and Prime Minister Anthony Albanese called the American tariffs “completely unjustified”, but excluded the Tit-For-Tat duties, noticing that “tariffs and escalation trade tensions are a form of economic self-mutilation.” Meanwhile, China swore “all necessary measures to secure their rights and interests”, and the major secretary of the Japanese Cabinet Yoshimas Hayashi warned of the major repercussions for US-Japan economic ties.
Against this background, Great Britain’s efforts aimed toward negotiating a brand new economic pact with the American goal is to keep up significant industrial flows without resorting to a fast retaliation. Nevertheless, Murray emphasized the federal government’s readiness to guard the British industry: “We reserve the right to revenge. . . Failure would risk the good of British companies and a wider economy. “
