British Steel
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Jingye, the Chinese steel group that owns the plant, blamed Donald Trump as it announced plans to shut key operations, putting up to 2,700 jobs at risk. It said the “imposition of tariffs” had made the blast furnaces and steel making operations “no longer financially sustainable”. The closures signal the end of steel production in the UK after more than 150 years.
Nice.
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Current largest steel mill in the world - POSCO in South Korea.
Close to 20 MM ton of steel a year.
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Nationalisation a serious option
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Somewhat related to the above forum thread
A group representing General Motors, Ford and Stellantis blasted President Donald Trump's trade deal announced with the United Kingdom, saying it would harm the U.S. auto sector.
British carmakers will be given a quota of 100,000 cars a year that can be sent to the United States at a 10% tariff rate, almost the total Britain exported last year, compared to 25% for Mexico and Canada and nearly all other countries.
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And yet, with a gut feeling of being thoroughly shafted, the UK is suddenly paying Trump(CF) a 10% tax.
You folk won't see any benefit, but it'll help pay for the Trump(CF) weekend golfing jaunts.
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And yet, with a gut feeling of being thoroughly shafted, the UK is suddenly paying Trump(CF) a 10% tax.
You folk won't see any benefit, but it'll help pay for the Trump(CF) weekend golfing jaunts.
@AndyD said in British Steel:
And yet, with a gut feeling of being thoroughly shafted, the UK is suddenly paying Trump(CF) a 10% tax.
You folk won't see any benefit, but it'll help pay for the Trump(CF) weekend golfing jaunts.
Americans will be able to buy Range Rovers that are only 10% more overpriced than they were previously.
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And yet, with a gut feeling of being thoroughly shafted, the UK is suddenly paying Trump(CF) a 10% tax.
You folk won't see any benefit, but it'll help pay for the Trump(CF) weekend golfing jaunts.
@AndyD said in British Steel:
And yet, with a gut feeling of being thoroughly shafted, the UK is suddenly paying Trump(CF) a 10% tax.
You folk won't see any benefit, but it'll help pay for the Trump(CF) weekend golfing jaunts.
Except no, we're now paying the 10% when we buy anything British. The cost to you is reduced sales.
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Here is what the US and the UK announced Thursday: President Donald Trump’s team took the US tax on British imports from 10% to checks notes 10%. Yes, it is the exact same tariff rate that Trump announced on April 2, but with some fun new carve-outs:
British cars: That Bentley you’ve had your eye on was going to be taxed at 27.5%, but now it’s only 10%. Great news for that sliver of Americans in the market for a Land Rover, Jaguar, Rolls-Royce or Aston Martin. No other consumer goods were mentioned.
Planes: British companies can now send plane parts to the US tariff-free. In return, British Airways is expected to order 30 Boeing 787 Dreamliner jets, according to Bloomberg.
Steel and aluminum: Taxes on steel and what the Brits call “aluminium” (adorable) will be scrapped.
Beef: Both countries get a bunch of tariff-free exports on commodities including beef and other agricultural products.
That’s honestly it — there are no more details, as both sides said specifics are still being ironed out. It’s not all that surprising, given that traditionally trade deals require months or even years of painstaking talks.
“A trade agreement where the details are still being negotiated is not an agreement,” said Joe Brusuelas, chief economist at RSM, on social media. “This does not provide the clarity necessary to lift the fog of uncertainty created by a trade war of choice.”
To hear the White House announce it on Thursday, though, you’d think they just won a Nobel prize and a gold medal. In a Truth Social post, Trump said it was “a very big and exciting day.”
