British digger maker JCB has warned US tariffs on steel and aluminium will cost it ‘hundreds of millions of pounds’ and is urging the Government to intervene.
Exports of the metals from the UK to the US are subject to a 25 per cent levy imposed by Donald Trump – though this is lower than the 50 per cent applied to the rest of the world. However, the Trump administration has now expanded this to cover all finished goods as well.
For UK manufacturers using thousands of components – often sourced from suppliers who do not always provide a breakdown of their origins – complying with the rules ‘will be extremely difficult’ according to the Construction Equipment Association.
And JCB chief executive Graeme Macdonald said the expanded tariffs would hit all 30,000 of the diggers and construction machines it exports to America each year.
He told The Times: ‘The tariffs as they now stand are hugely punitive and they catch every machine we ship to the US. It will make us have to reconsider how we trade with North America.’
JCB had previously expected a tariff hit of around £2million.
Plea: JCB has warned US tariffs on steel and aluminium will hit all 30,000 of the diggers and construction machines it exports to America each year
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .