UK gets steel tariff carve-out

Britain breathed a sigh of relief Wednesday after it was granted a carve-out from US President Donald Trump's 50% tariffs on steel and aluminium imported to the United States, while the rest of Europe fumed that it was now paying twice as much.

- STANLEY REED PATRICIA COHEN MELISSA EDDY

The exemption for British exports was granted because the country had already agreed to the framework of a trade deal, which was announced to much fanfare May 8. But Britain's steel industry is still frustrated that it faces 25% tariffs because the pact has yet to be put into place.

Britain still faces the prospect of 50% tariffs on those goods starting July 9 if London has not ironed out a final deal with Washington.

"This is a time-bound vote of confidence for UK steelmaking and our industry's ability to supply to the US market, but in many ways also creates further uncertainty, which is disruptive," said UK Steel, an industry trade group.