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Marketplace All-in-One

U.S. doubles tariffs on steel and aluminum

Marketplace All-in-One

Marketplace

News, Business

4.81.3K Ratings

🗓️ 4 June 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

The White House triggered a sharp increase in tariffs on imported metals on Wednesday. The tax at the border is now 50%. But one trading partner got an exemption: the UK. Our BBC colleague Leanna Byrne joins us to explain. Also on the program: federal funding cuts hit the arts. We check in with the Brooklyn Conservatory of Music after the nonprofit lost its NEA grant.

Transcript

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0:53.6

The planet Earth got U.S. tariffs on metals today, but Britain gets an asterisk.

0:59.7

I'm David Rancatchez in Los Angeles. The White House triggered the doubling in tariffs on steel and aluminum imports as of today. The tax at the border is now 50%. But one trading partner got an exemption.

1:12.0

It's Britain.

1:12.7

The BBC's Leanna Byrne joins us now from the UK.

1:16.1

London gets a pass.

1:18.1

Yes, David.

1:18.8

The UK seems to have avoided this one for now.

1:21.3

So this exemption hinges on a bilateral agreement that the US and the UK signed back in May.

1:27.7

And that deal would remove sector-specific tariffs altogether.

1:31.5

So given the news today, you might think that this is a big relief for UK exporters,

1:35.9

but the thing is it's not a done deal yet, and UK steelmakers are still facing duties for now.

1:42.6

Also, if the pact falls through, their products could still

1:45.7

get hit with that full 50% tariff. So what are we hearing from British businesses?

1:51.2

Well, there's frustration. I spoke to Rowan Crozier, who runs a metal stamping firm in Birmingham,

1:56.6

and he told me, the uncertainty is making planning a nightmare. Materials like steel have long lead times.

2:03.3

And if customers delay orders because they're unsure about tariffs, it throws production into chaos.

2:09.4

All right, but no doubling of tariffs today. And post-Brexit Britain is not to be confused with the rest of Europe.

2:15.8

No, the European Union hasn't been spared,

...

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