US Steel and Aluminium Tariffs
Baroness Anderson of Stoke-on-Trent Excerpts(6 years, 5 months ago)
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Dr Fox
No, I will not do that. I believe that a customs union gives us greater trading relationships with some at the expense of greater trading relationships with others. As the International Monetary Fund has pointed out, 95% of global growth in the next 10 to 15 years will be outside continental Europe, so to tie ourselves into a customs model with the slowest growing part of the global economy would be very unwise.
Ruth Smeeth (Stoke-on-Trent North) (Lab)
What is the Secretary of State doing to ensure that this attack on our steel sector will not lead to retaliatory attacks on ceramics?
Dr Fox
The hon. Lady makes a useful point that reflects the one made by my hon. Friend the Member for Horsham (Jeremy Quin) about using national security as a pretext. If that were a successful exercise, there would be nothing to stop other sectors being involved or, indeed, to stop other countries doing exactly the same thing, which is why, at the risk of repeating myself, we must try to have common sense prevail before there is any escalation, which could be very damaging to economies on both sides of the Atlantic.