The Week Ahead in International Trade: Reynolds talks steel, Starmer unveils new targets and the Import Export Show returns

Business and trade secretary Jonathan Reynolds will be delivering a speech to representatives of the UK steel industry later today (2 December), amid ongoing financial struggles in the sector as a result of stiff competition from cheap overseas imports.

Prime minister Sir Keir Starmer will also set out targets for each of his government’s five core missions this week, while the Chartered Institute of Export & International Trade will hold its second annual Import Export Show (IES) and International Trade Awards tomorrow (3 December).

Steel speech

Speaking at Portcullis House, Jonathan Reynolds will address the steel industry later today, which has faced a number of challenges this year. Cheap imports from China have challenged UK producers, while decarbonisation drives are leading to the use of less labour-intensive production methods, costing jobs.

Politico reports that head of UK Steel, Gareth Stace, will be participating in a panel on shaping the UK’s net zero policy and industrial strategy following the keynote speech from Reynolds. Ahead of the event he said:

“The UK steel sector stands ready to partner with the government to build a strong Steel Strategy that prioritises homegrown production.”

This comes as both of the UK’s major players, Tata Steel and British Steel, seek £1bn in subsidies to support them decarbonise their production processes.

Switching from carbon-intensive blast furnaces to green electric arc models is not only expensive but also costing local jobs.

In September, the Port Talbot Tata Steel plant closed its final blast furnace, taking with it almost 3,000 local jobs. British Steel, the UK’s other major industry player, is also set to close its final blast furnaces in the coming year, at a cost of up to 2,000 jobs in Scunthorpe.

‘Plan for change’

Following chancellor Rachel Reeves’ Mansion House Speech last month, prime minister Sir Keir Starmer will be taking to the City’s stage today to deliver insights into Labour’s foreign policy plans at the Lord Mayor’s Banquet.

Implicit references to president-elect Donald Trump returning to office in January are expected, amid ongoing concerns that his protectionist plans could harm UK trade. Although in a spot of good news, these fears were assuaged slightly by the appointment of Jamieson Greer to the role of US trade representative (USTR) role.

Although a protégé of former USTR Robert Lighthizer, who oversaw the wave of protectionist policies introduced during Trump’s first presidency, reports suggest Greer once supported a US-UK trade deal and may be looking for closer ties UK ties.

Later in the week Starmer will also be delivering a “plan for change” – a set of policy announcements aligned with the five “missions” Labour set out in its election manifesto: boosting economic growth, improving healthcare and upping green energy, and reducing crime and inequality.

The news plans are set to include 2029 targets, to coincide with the UK’s next general election. Pat McFadden, chancellor of the Duchy of Lancaster and a Labour election strategist, defended the plans to BBC’s Laura Kuenssberg on Sunday, telling her that they aren’t a reset, but show the government’s commitment to “look at the long-term.”

Import Export Show 2024

The Chartered Institute will be hosting its second annual IES and trade awards tomorrow. Hosted by Nina Hossain at the Leonardo Royal London hotel, the day will bring together the international trade community to consider the challenges and opportunities of the year past and ahead.

The event will feature a keynote speech from UK Export Finance’s (UKEF) Tim Reid, setting out a vision for UK trade. Expert panels will also discuss themes such as how a “year of elections” has reshaped the global trade landscape and give practical insights into how you can grow your business through trade.

We’ll also be recognising exporting excellence through our International Trade Awards, which will close the event. Across eight categories, from young trader of the year to investment in trade, we’ll be celebrating individuals and businesses that have made a meaningful contribution to the world of trade.