US and UK end retaliatory tariffs on steel and aluminum
In a statement, US Commerce Secretary Gina Raimondo said that by allowing the duty-free flow of steel and aluminum from the UK, the US will continue to close the gap between supply and demand for these products in the US and through With the lifting of the British retaliatory tariffs, American products also returned to the UK market.
The deal is the latest in a series of efforts by US President Joe Biden to resolve trade conflicts with US allies. Some of the controversial trade measures have been around for a long time, others starting under President Donald Trump.
In January, the US and UK announced the start of negotiations to end the dispute, which arose when President Trump apply tax 25% with steel and 10% with aluminum imported from UK and other countries to protect US industry.
Under the deal announced on March 22, Britain will also lift retaliatory tariffs imposed on $500 million of US imports, including alcohol and consumer goods.
The two countries reached the 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 broader trade relations.
Ms. Trevelyan also met with Minister Raimondo to finalize the metals deal.
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