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Faisal Islam Profile picture
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3 Jan, 6 tweets, 3 min read
President Biden’s official White House proclamation lifting the “national security” 25% tariffs against, specifically, steel produced by current EU members (10% for aluminium), that came in to force on Saturday, whilst being left in place for now vs UK… whitehouse.gov/briefing-room/…
… language in the Biden proclamation says the US and EU have addressed the “threatened impairment of national security posed by steel imports from the EU”… then goes on to say he considered on natsec grounds whether to lift the tariffs on other countries, eg incl UK, but no.
“I have considered whether it is necessary and appropriate in light of our national security interests to make any corresponding adjustments to such tariff as it applies to other countries. I have determined it is necessary and appropriate, at this time, to maintain…” eg for UK
Whole thing is a bit bizzaro… US will allow a tariff-free quota for EU steel at pre trump trade war levels… above it the charge will kick in… but US demand for steel expected to boom.
“National security” considerations partly addressed by a joint decarbonisation plan…
US customs published this listing all the millions of tonnes of steel each EU nation can now import tariff free into the US… Netherlands seems to do quite well, home to a big Tata plant

cbp.gov/sites/default/…
My colleague @BBCChrisMorris report featuring, as expected, UK manufacturer shifting some steel bar production from Derbyshire to Spain to meet demand not to have to pay US 25% tariff in UK..needs it to be resolved soon before production shift permanent: bbc.co.uk/news/business-…

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More from @faisalislam

Faisal Islam Profile picture
23 Dec 21
… @jonsnowC4⁩

simply superb colleague, fearless & relentless interrogator of truth, infectious enthusiasm for news in every corner of the world & for the development of younger colleagues. Honour to have worked with & learnt from you. gutted not to be able send you off..
Watching #JonSnow on C4N was compulsory in my household as we had our dinner in 90s Manchester…so when I met him at Granada TV conf of young people, and he wrote back to a letter asking for a job encouragingly but politely saying it wasnt “in his gift”…I pinned it by my desk…
When I joined C4N team in 2004, astonishing to find that #JonSnow was in fact entirely & exactly the same person off screen as he appeared on… like a buzzing energy ball, infecting everybody with enthusiasm to go that little bit further, & endlessly interested in all around him
Read 5 tweets
Faisal Islam Profile picture
18 Dec 21
So a week ago FCDO officials briefed foreign journalists on record, correctly, that Govt was parking the ECJ red line on NI (there was another briefing to foreign journalists on this in Brussels) … it was then denied in a Cabinet Office statement and a tweet from Lord Frost.
Mail now says Lord Frost resigned a week ago but was persuaded to stay on till January…

Yesterday the row back on both the ECJ that had been denied (and the threat to invoke Article16 this year) was officially announced…

dailymail.co.uk/news/article-1…
found the notion one set of officials would on record brief foreign journalists with material change in policy, and then domestic journalists had that denied by a different set of officials, v v strange. Not cited in Mail as reason but this is what was happening at time last week
Read 13 tweets
Faisal Islam Profile picture
18 Dec 21
“The short doubling times seen with Omicron reinforce the value of going even harder, earlier and wider with any interventions than for Delta.” - Sage advice to Govt - generally grim prognosis in here
assets.publishing.service.gov.uk/government/upl…
All this aimed at Christmas family gatherings, work parties that are still going on - NB this is Sage advice to Govt, not policy, yet.
Testing just before all gatherings, whole group/ family not attending if one tests positive etc
Significant spike in face mask usage in England (stayed high in Scotland and Wales)… cmmid.github.io/topics/covid19…
Read 5 tweets
Faisal Islam Profile picture
15 Dec 21
Headline rate of inflation for UK soars to 5.1% in November up from 4.2% the month before, highest rate for over a decade. It’s over two and. Half times above the Bank of England’s target of 2%.

Driven by record petrol prices, used cars, clothes and food
13 year high on the ONS’ preferred CPIH measure which includes some account of prices for owner occupied housing..
Used car prices - pandemic effect from microprocessor shortages reducing supply of new cars, deflecting demand to used cars, at the same time facing a pool of forces saving from buyers….

This should turnaround at some point, when fields full of chip less cars are chipped
Read 8 tweets
Faisal Islam Profile picture
14 Dec 21
Trade minister tours US states, amid little to no progress on US-UK trade deal, & UK-US steel tariffs dispute unsettled even after US-EU deal, implores US to “awaken” a “paradigm shift” in US response to UK leaving orbit of EU “to be closer to you [US]”..

gov.uk/government/spe…
UK Govt to US:

“[Brexit is] major geo-political event and it calls for an US response that recognises this moment and the opportunity..
We have made ourselves a player on the global chessboard..
Let future generations of Americans not say.. you failed to grasp that opportunity”
Speech underlines a rather important strategic paradox - that part of the rationale behind pursuing a clean/ hard break Brexit from the EU was to pursue closer relationship with US… but at best not a priority for US, at worst, contributing to currently worse outcome on steel…
Read 7 tweets
Faisal Islam Profile picture
14 Dec 21
IMF chief @KGeorgieva says UK economy proved to be more resilient than expected after a difficult year with the pandemic and post Brexit adjustments… but inflation pressures will linger and “considerable” risks and uncertainties ahead
UK “has the fiscal space” should it be necessary to do more to support vulnerable people and business due to Omicron, IMF MD Georgieva says, and she “has no doubt” that Government will do so … says full lockdowns no longer needed, so nor would full lockdown supports
IMF MD Georgieva asked re impact of Brexit/ new trade deal on UK economy: “We have seen an impact on trade, trade with EU has dropped significantly, and we’d expect more impact ahead” as inward checks introduced next year…
Read 6 tweets

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