A new tariff agreement with the United Kingdom will allow steel and aluminum products into the United States and lifts retaliatory tariffs on more than $500 million worth of U.S. exports, according to a March 22 U.S. Department of Commerce news release.
The agreement removes tariffs from U.S. exports to the U.K. including distilled spirits, various agricultural products and consumer goods, the Department of Commerce reported. The agreement also requires any U.K. steel company owned by a Chinese entity to undertake an audit to assess any influence from the People’s Republic of China government.
“I want to thank my counterpart, U.K. Secretary of State for International Trade Anne-Marie Trevelyan, for her part in this effort, which brings our countries closer together and represents a win-win for both businesses and consumers in the U.S. and the U.K.,” Secretary of Commerce Gina Raimondo said.
President Joe Biden made rebuilding relationships with allies and partners around the world a priority to counter China’s unfair trade practices and to ensure America can compete globally, Raimondo said.
“Today’s historic deal is a testament to that ambitious goal and will benefit America’s steel and aluminum industries and workers by protecting manufacturing, as well as consumers by easing inflationary pressures in the U.S.,” she said.
Removing the U.K. retaliatory tariffs reopens the British market to American products, she added.
The historical deal delivers on the president’s vision to repair relationships with allies and help to ensure the long-term viability of our steel and aluminum industries, the communities they support and the workers in these industries on both sides of the Atlantic, U.S. Ambassador Katherine Tai said.
The counties agreed to continue working on the threat posed by carbon-intensive non-market excess capacity in the steel and aluminum industries, the release said.
