Despite an exemption from 50 percent tariffs, Britain still faces a 25 percent duty because its trade deal with the United States has yet to be put in place.

Europe already has tools to reduce the impact of Trump tariffs and Chinese over-capacity on the EU steel industry, such as stopping Russian imports of the metal, a Thyssenkrupp executive board member said on Thursday.

European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,