The US government announced on Tuesday that it had reached an agreement with the United Kingdom to lift the punitive tariffs on steel and aluminum imposed by former US President Donald Trump in 2018, as well as British retaliation against US products.
“This agreement will help (…) not only to guarantee the long-term viability of our country’s steel and aluminum industries and protect American jobs, but will also lift retaliatory customs duties” from London, Commerce Secretary Gina Raimondo and US Trade Representative (USTR) Kathryn Thai said in a joint statement that the two countries would focus on what they call “illegal trade”. practices “of China.
The announcement was made at the end of the visit of the British Minister of International Trade An-Marie Trevelian.
The two governments announced in January the start of negotiations to end this much-controversial legacy of the Trump era. The United Kingdom was among the countries that were subject to additional tariffs of 25% on steel and 10% on aluminum in July 2018, amid the trade war unleashed by the Republican.
Joe Biden’s government has already reached agreements to this effect with the European Union (in October) and Japan (in February).
In addition to tariffs on exports to the British metallurgical industry, tariffs on US exports to the UK, including motorcycles, spirits, clothing, etc., will be lifted.
The deal will also help reduce inflation in the US, where the consumer price index has reached its highest level in 40 years, Ms Raimondo said.
Britain is a comparatively small supplier of steel to the USA. The quota of 500.00 tons of wrought steel is higher than the deliveries of 2018 and 2019 but much smaller than those of the EU (4 million tons) and Japan (1.25 million tons).
Under the agreement, a British steel company owned by a Chinese group (British Steel, acquired by the Jingye Group in 2020) will be audited by chartered accountants to assess China’s “influence”. The results will be shared by the two governments. The procedure may be applied in other cases as well.
Source: AMPE
Source: Capital
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