Former US President Donald Trump is reportedly considering a controversial trade move that could see tariffs imposed on UK steel exports. However, sources suggest the British pharmaceutical industry may escape unscathed as part of a potential deal.
The Steel Tariff Threat
Insiders reveal Trump's team has been discussing imposing significant tariffs on British steel if he wins the upcoming US election. This comes as part of his broader 'America First' trade policy agenda.
Pharma Sector Reprieve
In what could be seen as a strategic concession, UK pharmaceutical exports to the US might be exempted from these trade restrictions. The move would protect Britain's £30 billion pharmaceutical industry, which employs over 70,000 people nationwide.
Political Implications
The potential deal has already sparked debate in Westminster, with Labour leader Keir Starmer reportedly being briefed on the situation. Some analysts suggest this could become a key issue in UK-US trade relations post-election.
Industry Reactions
British steel manufacturers have expressed concern about the proposed tariffs, while pharmaceutical companies cautiously welcome the potential exemption. The UK government has declined to comment on what it calls 'speculative trade scenarios'.
Experts warn that any final decision would likely depend on the outcome of both the US presidential election and UK government's approach to ongoing trade negotiations.
