End Of Steel Tariffs A Step In The Right Direction

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 Trade Secretary met with Commerce Secretary Raimondo in Washington DC 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 around 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.

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Commenting on the end of US tariffs on UK steel exports, Head of Trade Policy at the BCC, William Bain, said:

“The ending of the section 232 tariffs on UK steel product exports to the US in June is extremely welcome as businesses and consumers across the globe face unprecedented rises in trade and living costs. The revised US tariff rate quotas apply to steel melted and poured in the UK.

“People in the UK will also benefit from the ending of our rebalancing measures on products like US jeans too.

Both Governments now need to work with business to produce lasting solutions to how we improve global steel supply chains. That means considering what happens to steel imports into the UK and where these can be sourced from at acceptable cost for manufacturing firms.”