From June, the UK will be able to import certain quantities of steel and aluminum into the US duty-free. The volume of duty-free trade is almost the same as in 2018 and 2019, when there were no criminal charges.
Under the agreement, the UK will in return release an additional import duty of US$500 million (about €450 million) on US goods.
The current agreement is similar to the agreement between the current US administration and the European Union announced at the end of last year, as was the agreement with Japan in February. Former US President Donald Trump justified the 25% tariffs on “national security interests” that also affected close US allies such as Japan and the European Union.
“This important agreement not only contributes to the long-term viability of our steel and aluminum industries and protects American jobs, but also to more than $500 million in US exports to Britain, including spirits, and various agricultural products, once implemented.” “This agreement is yet another example of President Biden’s commitment to rebuilding and strengthening relationships with our important allies and partners as we work together to end unfair practices in countries like China,” said Gina, and Catherine C. Tai, United States Trade Representative.
