Is this move in response to all the trade uncertainty of recent weeks/months or was there such a move in the works prior to the tariff chaos?
replies(2):
Is this move in response to all the trade uncertainty of recent weeks/months or was there such a move in the works prior to the tariff chaos?
It’s about maintaining the manufacturing capability as a national security concern.
Yes, I get that.
My question was aimed at what was the broader context that led the UK government to issue an emergency recall of lawmakers to make this happen so quickly.
I assume, perhaps incorrectly, that the problems with British Steel have been a long time coming?
This historically happens in the lead-up to world wars. Large amounts of steel will be required for automotive companies to switch to building tanks and other military vehicles. It is probably also a factor that the company is Chinese owned. Imports will cease before things pop off.
He acknowledged that the emergency law was "pretty unprecedented", but said it meant there would be a future for steel in Britain and that it was in the national interest.