A tricky balance

Sailors crossing the Atlantic in March are used to rough seas. But when two shipments of steel from Marcegaglia Stainless Sheffield were slowed up in crossing the ocean by storms this week it meant more than a few days' extra journey: the metal was caught up in the global trade war started by the US president, Donald Trump, as well.

- Jasper Jolly

"Obviously, it's a massive frustration," said Liam Bates, the president of long products at the Italian steelmaker's northern England operation. The company had hoped to rush through two weekly shipments in order to avoid the deadline on Wednesday this week for Trump's 25% tariffs on steel and aluminium. Instead, it will have to bear the costs - or hope for grace from the US government.

The tariffs have put the US's trading partners, including the UK, in a tricky situation. They are being pulled in two directions: some want trade war retaliation, while others want "pragmatic" negotiation in the hope the changeable Trump can be persuaded to ease the levies.

The EU immediately retaliated with revived levies on all-American products such as bourbon, jeans and Harley-Davidson motorcycles.

Meanwhile the UK is taking the second path: keeping its head down, and hoping it can persuade the mercurial and deal-driven Trump to change his mind.

Keir Starmer told parliament on Wednesday he was "disappointed", while adding that the UK would "take a pragmatic approach" as it tried to negotiate a deal. "But we will keep all options on the table," he said.