The British government wants to spend billions to protect the domestic steel industry. It announced a plan for this on Sunday, a few days after US President Donald Trump announced that he would introduce import tariffs on steel.
Prime Minister Keir Starmer’s Labour government wants to spend up to 2.5 billion pounds. According to a statement, it is also investigating how the steel sector can be protected “from unfair trade practices from abroad.”
Economic Affairs Minister Jonathan Reynolds stated that the British steel industry “has a long-term future under this government.”
The British Trade Association for the Steel Industry has previously indicated that the American tariffs, which take effect on March 12, are a “devastating blow.” Britain exported about 10 percent of its steel to the United States in 2023, worth almost £400 million.