US, UK enter into tariff trade talks
Leaders from the US and UK have officially begun talks to address the US’s 232 steel and aluminium tariffs and the retaliatory tariffs imposed by the UK.
US Secretary of State Gina Raimondo and UK Secretary of State for International Trade Anne-Marie Trevelyn met virtually on Wednesday to discuss their shared global overcapacity concerns. In agreement that overcapacities in steel and aluminium are being driven largely by China, the leaders plan to work together to address their shared worries over countries practicing “harmful market-distorting policies.”
Raimondo, Trevelyn, and US Trade Representative Katherine Tai will begin formal discussions to address these issues that threaten the industries of both nations. This will include appropriate trade measures and what the UK hopes will be the eventual removal of the tariffs.
No timeline for the talks was provided.
US and EU leaders formalised a deal late last year to replace the 232 tariffs originally imposed in 2018 by then-US president Donald Trump with a tariff-rate quota agreement. Under the arrangement, 3.3 million tonnes/year of EU steel products may enter the US tariff free. Since the UK is no longer a member of the EU as of 2020, it was excluded from that deal and its exports to the US still face the 25% tariffs.
The US is also currently in formal discussions with Japan over the 232 tariffs, Kallanish mentions.
According to US government data, approximately 265,391t of steel products were exported from the UK to the US in 2021. Cold rolled sheet, heavy structurals, large diameter pipe, and stainless semifinished steel were the most exported products.
Laura Miller USA
