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Business Minister says UK is hopeful about U.S. steel duty exemption

The British business minister stated on Thursday that Britain would try to convince the U.S. Government to avoid tariffs for its steel and aluminum products due to their sensitive role in the U.S. manufacturing supply chain and defence industry.

Donald Trump, President of the United States, said

Sunday

As part of his new trade policy, he will impose 25% tariffs on steel and aluminum imports to the U.S. on top of existing metals duty.

Jonathan Reynolds, Britain's Business Minister, agreed with the U.S. on the issue of overcapacity around the globe, but added: "There's a strong argument that the UK isn't the problem".

Reynolds told an audience in London that the British steel and aluminum exports to the U.S. were "sensitive defence" parts and products that are part of the U.S. supply chain. He would negotiate on this basis.

He said: "I will be trying to engage...I believe there is a basis for a discussion."

He also emphasized that Trump's policy on trade was designed to reduce the U.S. goods trade deficit with the

European Union

And with China, and not Britain.

Trump says

Early February

When talking about tariffs, he said that he believed something could be "worked-out" with Britain.

The United States and Britain trade goods and services worth hundreds of billions dollars each year, but

London Hopes

The data's ambiguity will be used to exclude the product from Trump tariffs.

UK Steel, the industry body for UK Steel, warned that tariffs could have a "devastating effect" because the U.S. represents the UK's second-largest export market worth more than 400 million pounds per year. (Reporting and writing by Paul Sandle, Catarina demony and Sarah Young; editing by William James and Kate Holton.

(source: Reuters)