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 Labor 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 reason why it is called a bold step is because the announcement came just day after Trump said that US would be inflicting a 25 percent tariff on the steel imports from different places. UK exports 10 percent of its steel to the US which means we’re talking about around 400 million US dollars. The officials admit that this announcement is going to be difficult to deal with.
Starmer’s government says it is “engaging” with Trump’s administration “to work through the detail” of his announcement.
