UK industry fears as Donald Trump's 'devastating' steel tariff sends markets tumbling –

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.1 percent, led by a fall in South Korean shares while Japan’s Nikkei tumbled 2.9 percent. For the week, they are down 2.3 percent and 3.6 percent respectively.

If Britain is included in the tariff it could have a major impact on the industry, which has been in decline for years in terms of production.

Some £360 million of Britain’s yearly steel exports to America would be impacted by the tariff, according to an official in the Business, Energy and Industrial Strategy Department.

Britain, Canada, the European Union and leading Republicans like Paul Ryan, the House speaker, all expressed concern over the move. 

Jean Claude Juncker, the European Commission president, hinted at a trade war as he said: “‘The EU will react firmly to defend our interests.

“The Commission will bring forward in the next few days a proposal for countermeasures against the US to rebalance the situation.”

Officials involved in attempts to dissuade Mr Trump had told The Daily Telegraph they were “deeply concerned” by the Trump administration’s thinking on protecting US steel.

Cabinet ministers including Greg Clark, the Business Secretary, and Liam Fox, the International Trade Secretary, had made private appeals against the move.

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