|The US and UK reached an agreement to end the trade dispute related to aluminum products. (Source: Bloomberg)|
In a statement, US Commerce Secretary Gina Raimondo said: “By allowing steel and aluminum tariffs to come from the UK, we continue to close the gap between supply and demand for these products in the US.
And by lifting the UK’s retaliatory tariffs, we are reopening the UK market to our favorite American products.”
Under the deal announced on March 22, Britain will lift retaliatory tariffs it has imposed on $500 million of goods imported from the United States, including alcohol and consumer goods.
The agreement also stipulates that any British steel company “owned by a Chinese legal entity must undertake an examination of its financial records to assess influence from the Chinese government”. The results of this test will be shared with the US.
The two sides reached an agreement after two days of talks between US Trade Representative Katherine Tai and British International Trade Secretary Anne-Marie Trevelyan in the port city of Baltimore (USA) on a broader trade relationship. Ms. Trevelyan also met with Ms. Raimondo to finalize the metals deal.
The deal is the latest in a series of efforts by US President Joe Biden to resolve trade conflicts with Washington’s allies, some of which are longstanding and others that began under the US administration. Trump authority.
In January, the two countries announced the start of negotiations to end the trade dispute, which arose when Mr. Trump imposed 25% tariffs on steel and 10% on aluminum imports from the UK and other countries. other countries to protect American industry.
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