British manufacturers face hundreds of millions of pounds in additional costs each year after the United States sharply increased tariffs on exports containing steel and aluminium.
President Trump has extended so-called Section 232 measures, imposing a 25 per cent duty on a wide range of finished goods including construction machinery, automotive components, pumps, compressors and even furniture.
The move, which follows lobbying by the American steel industry, comes despite an assumption that UK exporters were settled at a 10 per cent tariff under previous agreements.
Among the hardest hit is JCB, the Midlands-based construction equipment maker and one of the UK’s largest private companies. Industry groups also warn of repercussions for the renewables sector, with wind turbine suppliers and other clean energy manufacturers exposed to higher costs.
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