Trump plans to increase tariffs. The British Prime Minister said that the UK government will not immediately implement retaliatory measures.

British Prime Minister Stamer said that if US President Trump officially imposes a 25% tariff on all steel and aluminum imports to the United States on Wednesday, March 12th, the British government will not immediately implement retaliatory measures. Stammer discussed the issue with Trump on Monday and is prepared to respond in case the tariff takes effect at 4 am UK time on March 12th. Trump announced on Tuesday via social media that tariffs on Canadian steel and aluminum products would double from 25% to 50% in retaliation for Ontario's 25% additional fee on US power exports. This has heightened concerns in the market about an escalation of global trade wars. A British government spokesperson said, "The UK and US have strong economic ties based on fair, balanced, and reciprocal trade. We are in close communication with the US government in an effort to secure tariff exemptions for the UK." He added, "We have committed 2.5 billion to revitalize the British steel industry to support the development of current and future generations." When Stamer visited the White House in February, Trump hinted that tariffs might not be necessary if the US and UK could reach a 'real trade agreement'. British Trade Secretary Reynolds also spoke with US Commerce Secretary Lutnick on Sunday urging the US to exempt British steel and aluminum from tariffs. He pointed out that unlike other countries, the UK does not have a significant trade surplus with the US. According to UK government data, 5% of UK steel exports and 6% of aluminum exports go to the US. If tariffs are implemented, the UK steel industry will face greater challenges. British Steel Association Secretary-General Stas criticized the tariffs as a heavy blow to free trade, which will have a serious impact on the UK and global steel industry. In addition to the UK, Japan and the EU have also made last-minute representations to the US, hoping that the Trump administration will change its decision. However, the EU has made it clear that if the US persists in pushing forward with the tariff plan, countermeasures will be taken. EU Trade Commissioner Shevchovich, during a visit to Washington in February, discussed with the Trump trade team but ultimately failed to reach an agreement. He said on Monday, "In negotiations, relying solely on one party's efforts is useless." Meanwhile, Japanese Trade Minister Muto visited Washington for emergency negotiations, attempting to secure exemptions for Japanese cars, steel, and aluminum products, but ultimately did not succeed, leaving Japan vulnerable to tariff hits. The British Steel Association pointed out that Trump's tariff policy mainly targets US allies rather than true market competitors. In fact, most countries have already been subject to a 25% steel tariff restriction, while aluminum products previously had a 10% tariff. The Trump administration explained in the presidential executive order that the tariff policy aims to address global overcapacity in steel production, with global steel production expected to reach 630 million tons by 2026. The Trump administration also stated that imports of steel from Australia, the EU, Japan, and the UK had increased from 18.6% in 2020 to 20.7% last year, indicating that previous quota management had not effectively controlled import levels. However, the British Steel Association countered this by stating that in 2020, global steel demand was at a historic low due to the impact of the COVID-19 pandemic, so US imports were relatively low. In fact, in 2023, UK steel exports to the US decreased by 14% compared to 2018 (when tariffs were first imposed), indicating that the US government's claim of "excessive imports" did not hold true.