This content is not available in your region

U.S., Britain to drop tariffs under deal - Commerce

Access to the comments Comments
By Reuters
U.S., Britain to drop tariffs under deal - Commerce
U.S., Britain to drop tariffs under deal - Commerce   -   Copyright  Thomson Reuters 2022

WASHINGTON – The United States on Tuesday ended a longstanding dispute with Britain over U.S. steel and aluminum tariffs, and said the two allies would work closely together to address market overcapacities from non-market economies like China.

In a joint statement, U.S. Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai said the deal would allow historically based sustainable volumes of U.K. steel and aluminum products to enter the U.S. market without the application of Section 232 tariffs.

In addition to setting smelt and cast requirements on aluminum, the deal requires any U.K. steel company owned by a Chinese entity to audit its financial records to assess influence from the People’s Republic of China government, and then share them with the United States.