The UK has been temporarily spared from Donald Trump's doubling of metal tariffs, from 25% to 50%.
The US president signed an executive order which, from today, raises the import taxes for America-based companies buying steel or aluminium from abroad - but the tariff on metals from the UK, the BBC reports, has stayed at 25%.
As part of the UK-US trade deal which was signed last month, levies on steel and aluminium will be removed completely.
However, that deal is yet to come into force, and in the meantime UK metal exporters still face the 25% tariff, which could rise if the deal hits a stumbling block.
Meanwhile, the latest EY ITEM Club downgraded its Scotland forecast as global trade concerns rise for rural communities across the country.
The fragile state of the Scottish econo,my has been exacerbated by the US' announcement of 10% tariffs on all imports, which has dampened business and consumer confidence, according to EY.
The forecast predicts the US tariffs are likely to have an asymmetric impact on Scotland’s local areas.
Employment and GVA figures for 2023 indicate that regions such as West Dunbartonshire, West Lothian, Argyll and Bute, Clackmannanshire, Moray and Angus were the most export-dependent, with large whisky sectors.
Consequently, it is forecast that the smaller and less diversified of these economies - namely Clackmannanshire, Moray and Angus - will struggle the most this year.
Scotland’s 2025 GVA growth forecast has been downgraded to 0.6% from 0.9%.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 11 points at 8,786 shortly after opening this morning.
Brent crude oil futures were down 0.21% at $65.40 a barrel.
Companies reporting today
B&M European Value Retail - Full Year Results
discoverIE Group - Full Year Results
Ninety One - Full Year Results
Paragon Banking Group - Half Year Results
WH Smith - Q3 Trading Statement