Saturday, 28 May, 2022

US and UK finally sit down on steel tariffs

US and UK finally sit down on steel tariffs

The US and UK have begun formal negotiations over Trump-era tariffs on UK steel and aluminium exports.

Trade officials in both countries said they were committed to an "expeditious outcome" that would help preserve metals manufacturers in both markets.

The trade dispute has been a longstanding thorn in relations between the two allies.

The US reached a deal to remove border taxes on European metals shipments last year.

Under the Trump administration, the US imposed a 25% duty on foreign steel and 15% tax on foreign aluminium, setting off a firestorm of criticism - especially from allies, including the UK, who imposed tariffs on some US goods, such as whiskey, in retaliation.

The US has since lifted some of the measures, which were supported by many steel-makers in the US.

Under President Joe Biden, it has reached a deal with Europe and has started negotiations on the issue with Japan.

But British exporters continue to face the border taxes.

One UK steel exporter has already said it is shifting production to Spain as a result.