UK’s Theresa May raises ‘deep concern’ over tariffs in call with Trump

UK’s Theresa May raises ‘deep concern’ over tariffs in call with Trump
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British Prime Minister Theresa May on Sunday expressed "deep concern" to President TrumpDonald John TrumpTom Arnold claims to have unreleased 'tapes' of Trump Cohen distances himself from Tom Arnold, says they did not discuss Trump US military indefinitely suspends two training exercises with South Korea MORE over his announced plans to increase steel and aluminum tariffs.

May told the president in a phone call that “multilateral action was the only way to resolve the problem of global overcapacity in all parties’ interests," according to a Downing Street spokesperson.

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Trump announced last week that he plans to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

Critics say that the tariffs will likely lead to retaliatory tariffs that could result in a trade war.

The British steel industry reacted with concern.

“This would be a unilateral, and extremely blunt, approach to what is a complex global problem of overcapacity in the steel sector,” Richard Warren, head of policy at UK Steel, said in a statement.

The European Union (EU) has said it is considering placing tariffs on U.S. imports in retaliation to Trump’s proposal.

Trump responded on Saturday that if the EU retaliates, he will place a tax on European cars.

The administration has maintained a firm stance despite the pushback.

Commerce Secretary Wilbur RossWilbur Louis RossScrutiny ramps up over Commerce secretary's stock moves Trump threatens tariff on all European cars Overnight Defense: Pentagon asked to prep housing for up to 20K migrant children | Senators move to block F-35 transfer to Turkey | Trump Mar-a-Lago trips cost Coast Guard M MORE said on Sunday that Trump has spoken with numerous world leaders about the tariffs but does not have any plans to provide exemptions, Reuters reported.

Ross on Sunday told ABC's "This Week" that any retaliatory measures taken by foreign nations will not have a significant effect on the U.S. economy or the price of goods.