Tariffs:

Meanwhile, as of June 4, the U.S. has doubled tariffs on steel and aluminum imports from 25% to 50% through an Executive Order. However, the United Kingdom has secured a temporary exemption from the added 25%.

On June 16, the U.S. and U.K. announced a trade agreement allowing a capped volume of British steel to enter the U.S. market free of the original 25% duty—part of a broader effort to strengthen economic ties. Full details are available in the White House Executive Order.

Port Congestion:

Analysts are predicting North European ports will see continued backlogs/congestion through this summer, as little improvement from factors that contributed to the backlogs have been minimal.