Angela Rayner's target of 1.5 million homes has been jeopardised by Donald Trump. (Image: Getty)
Angela Rayner's ambitious housing target has been dealt yet another blow - this time by Donald Trump. The US president slapped a hefty 25% tariff on all UK steel and aluminium imports earlier this month, potentially jeopardising the Government's pledge of building 1.5 million homes by the end of this Parliament.
The steel industry is now expressing grave concerns that it could have a knock-on effect on construction, which relies on steel products such as structural fixings, beams, and pipes. High energy costs and weak domestic demand are also compounding the issue, prompting warnings the tariffs could be the nail in the coffin for the Housing Secretary's goal. Clive Holland, former host of the BBC series Cowboy Trap and broadcaster on Fix Radio, said contruction projects could be halted altogether as costs become unmanageable.
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READ MORE: Keir Starmer sent 'nail in coffin' warning over Donald Trump steel tariffs
The 25% steel tariff is expected to impact construction in the UK. (Image: Getty)
He told the Express: "The Government's target of building 1.5 million homes by the end of this Parliament is now unlikely to be achieved, given the significant challenges posed by both rising material costs and the UK’s deepening skills shortage.
"The 25% tariff on UK steel will drive up the cost of construction, forcing stockpiling, with this increase in costs putting added pressure on developers, making projects more expensive and potentially delaying or halting construction.
"Many developers will struggle to maintain the financial viability of their projects, particularly in the affordable housing sector."
Mr Trump claimed the tariffs are encouraging companies to invest in US factories, despite the S&P 500 stock index falling 8% over the past month due to growth concerns.
He said: "The higher it goes, the more likely it is they're going to build. The biggest win is if they move into our country and produce jobs.
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"That's a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country."
It will be a bleaker picture in Britain, warned Amit Oberoi, Group CEO of the Considerate Constructors Scheme. He told the Express: "Tariffs are a disaster for the British steel industry.
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"Although decreased demand from the US might lead to lower prices in the short-term, in the longer term it will likely mean reduced domestic supply and fewer domestic steel producers, causing costs to soar."
The future of Labour's ambitious housing pledge remains uncertain, but in the wake of Mr Trump's escalating trade war, the Government may be forced to make adjustments to save the steel and construction industries.
The Ministry of Housing, Communities and Local Government has been contracted for comment.