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It is hard to argue the UK exemption from the doubling of US tariffs on imported steel from 25 to 50% is not good news.
It was not a given that the UK would get this carve-out despite having done a deal on 8 May to reduce tariffs on the metals to zero.
That agreement is not yet in force, however, and speaking to steel industry leaders and government officials right up until Tuesday night's announcement, their working assumption was that the UK would be in the same boat as everyone else – facing tariffs of 50% until that deal was finalised.
There was a palpable sense of relief from UK trade officials when the exemption was included in President Donald Trump's latest executive order.
