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Trade Minister Douglas Alexander said the UK would not have "a knee-jerk reaction" but "a clear-headed" response.
The oil giant is widely expected to say it will scale back on renewables later this month.
US steel suppliers have just over a month to decide how to respond before the new tariffs take effect.
Trump pauses enforcement of a law, saying it "overreached" and stopped US firms from winning business overseas.
President Trump has proposed a sweeping set of tariffs. Does this mark the end of the post-war free trade world?