Speaking on the BBC’s Question Time current affairs programme, Fox says the US is approaching the problems in the steel industry in the wrong way, by claiming it is a national security issue.
He explains that Britain sends 5% of its steel, by tonnage, to America - but it is equal to 15% by value.
That’s because Britain produces very high value steel, some of which can’t be sourced in the US. UK steel is also used in US military projects.
The first market reaction to the tariff announcement has come in Australia where the ASX200 benchmark is up 0.13%, or 8 points, to 5,946 in the first few minutes of trading.
Australia is one of the countries hoping to be granted an exemption from the levies, although US steel imports from the land down under accounts for only 1% of the total and are worth around US$200m.
There could be a stiffer test of investor resolve elsewhere in Asia Pacific. Japan supplies nearly 5% of US imports, for example, and South Korea nearly 10%. Both could claim to be equally sound allies of the US and may also hope to have the impact somehow watered down. Nikkei futures are pointing upwards.
Source:
theguardian
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