UK and US resolve steel and aluminium tariff issue
The UK has secured a resolution to end the ongoing issue regarding steel and aluminium tariffs with the US.
Following two months of talks, the International Trade Secretary Anne-Marie Trevelyan met with Commerce Secretary Raimondo in Washington DC on Tuesday evening and the US announced an expansive removal of section 232 tariffs, re-opening tariff free access for UK steel and aluminium exporters to the US.
The announcement is good news for the steel and aluminium sectors, which support the jobs of over 80,000 people across the UK. The changes will take effect on 1 June 2022.
In response the UK will suspend rebalancing measures on US products including whiskey, blue jeans and motorcycles.
Both sides have also agreed to work closely to address the wider issue of global steel excess capacity and market-distorting practices.
International Trade Secretary Anne-Marie Trevelyan said: “Today’s announcement is good news for our steel and aluminium industries who have been unfairly hit by these tariffs, and the 80,000 people employed across the sector. It means our manufacturers can now enjoy a high level of tariff-free access to the US market once again.
“We have been clear from the start that we would only accept a solution that works for the UK and is in the best interests of both our steel and aluminium industries and this bespoke agreement does just that.
“Hopefully we can now move forward and focus on deepening our thriving trading relationship with the US.
Director General, UK Steel, Gareth Stace, said: “I would like to congratulate the Government on behalf of the entire steel sector for its success in these hard-fought negotiations which have resulted in a hugely positive outcome for UK steelmakers.
“This deal is the culmination of months of dedicated work from Anne-Marie Trevelyan and her department, removing long-standing export barriers and opening up access to the important and high-value US steel market.
“The benefits of this deal will be felt by steel companies and their employees right across the UK and is immensely welcome.”