US-UK trade deal imposes conditions on ownership of British steel plants

News Snapshot:

The US deal on steel tariffs imposes conditions on the “nature of ownership” of British plants as part of its efforts to freeze out Chinese steel, it has emerged. It is understood Donald Trump’s administration pushed for requirements to be attached to the steel deal to ensure that the Chinese-owned British Steel plant in Scunthorpe was not used by Beijing as a backdoor to circumvent US tariffs. Government sources say Washington is understood to be reassured that Scunthorpe is now in effect controlled by Jonathan Reynolds, the business secretary, and is likely not to come back under the direction of...