The UK steel industry is keenly awaiting clarity regarding US import tariffs following the recent trade deal between the two countries, Kallanish notes.

While the trade deal secures reduced tariffs for the automotive and aerospace sectors, the steel industry is still waiting for its tariff to be reduced to zero, as previously agreed.

It was announced in May that the UK would have its tariff reduced to 0% from 25%, however this has not yet been implemented.

A UK government press release noted that the UK is the only country to be exempt from the recently increased global tariff of 50% on steel and aluminium.

“As the Prime Minister and President Trump have again confirmed, we will continue to go further and make progress towards 0% tariffs on core steel products as agreed.”

In a White House release following the trade deal it noted that the UK had “committed to working to meet American requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities.”

“Provided the United Kingdom meets these requirements, the United States intends to promptly construct a quota at most-favored-nation rates for steel and aluminum articles and certain derivative steel and aluminum articles that are products of the United Kingdom,” it added.

Gareth Stace, director-general, UK Steel said: “UK Steel is heartened to see that the UK-US deal agreed by Sir Kier Starmer and President Donald Trump has taken another step forward. [The] meeting shows that the Prime Minister is personally taking responsibility for the long-term relationship of our steel industry with the US market.

“We look forward to imminently benefitting from a tariff rate cut similar to that which the automotive and aerospace industries will enjoy in seven days. The UK steel industry badly needs clarification over the 'melted and poured' requirement, and the level of quotas available to UK steelmakers so that we can restore the historical trade routes that have served both the UK and the US economies for many years," he added.

Elsewhere, Mike Hawes, ceo of automotive association SMMT said that the trade negotiations must continue apace.

“That the UK has secured a deal which makes automotive a priority, ahead of many competitors equally eager to safeguard their own trade, should be recognised as a significant achievement. We now await details on how it will be administered.”

Hawes also noted further progress with Canada, seeking to ratify the UK’s accession to the CPTPP, a move that would allow both countries to trade under the terms of the Pacific-rim pact. 

“We hope that a strengthened economic partnership can lead to the relaunch of negotiations on a modernised bilateral UK-Canada FTA – one that reflects our close strategic ties and eliminates import duties on a permanent basis," he added.