UK Pushing for Trade Deal With US Following Imposition of Steel & Aluminium Tariff

The UK is pushing for a trade deal with the US as tariffs imposed by US President Donald Trump on imports of steel and aluminium take effect.

According to the BBC, the import tax introduction sparked an immediate response from the European Union on Wednesday which said it will impose counter tariffs on billions of euros of US goods.

The UK did not announce any tariffs in response as it works towards a wider economic agreement, but the Opposition Conservatives said the ruling Labour party has no plan.

Trump hopes the tariffs will boost US steel and aluminium production, but critics say it will raise prices for US consumers and dent economic growth.

US markets sunk on Monday and Tuesday in response to recession fears.

The tariffs mean US businesses wanting to bring steel and aluminium into the country will have to pay a 25 per cent tax on them.

These costs will be passed on to US consumers.