UK to be spared 50% steel and aluminium tariffs imposed by Trump on other countries – business live

Asian stocks rise as markets shrug off new US leviesTariffs overshadow an OECD meeting in Paris as world economy ministers gather, with the European Union saying it “strongly regrets” the US decision to double tariffs on steel imports to 50%, a new duty effective as of today.US trade representative Jamieson Greer and EU trade commissioner Maros Sefcovic are set to hold talks at 9am in Paris, with the bloc seeking to carve out its own deal.Our customers are less confident in forward planning or ordering what they need. And bear in mind that the types of products we make, whether they’re from steel, copper or brass or some other metal, there are long lead times to our supply chain to actually procure the material, bring it into our factory, stamp the product, finish the product, and then ship it. If there’s delays or late placement of orders – they need the products. That’s not going away.It does make things a little bit more nightmarish for us to actually plan, so we have to up the ante proactively, talking to our customers to secure those orders in a timely fashion, which gives us just another plate to spin as a manufacturer, and we have plenty.I think it’s a little bit early to say at the moment, we’ve actively engaged with all six of our customers that are in all corners of the States, they’re very much keen to maintain a working relationship with us, continue to order from us uninterruptedly, but they are still trying to understand what those tariffs actually mean in terms of cost to them.We’re an advanced manufacturer, so there’s special equipment, there’s special skills, there’s this whole infrastructure that’s required to do what we do, in addition to procuring the right material to do it with. And there’s just not that foundation in the States, and it will take a long time to put that back in, to create that capacity. So there’s little choice for them at the moment, but to continue ordering. Continue reading...

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