The United States and the United Kingdom have reached an agreement to phase out reciprocal import duties on steel and aluminum. Former President Trump decided to impose the additional tax in 2018, he said, to protect the American economy, after which Europe also introduced tariffs on American products.
Some British steel and aluminum exports are now exempt from US duties. In return, the UK will remove tariffs on US goods such as spirits and agricultural products, which are worth a total of $500 million.
The UK can now export up to 500,000 tons of steel and 900,000 tons of aluminum to the US, without being subject to import taxes of 25 percent and 10 percent, respectively.
Already agreed with the European Union
The fee came as an unpleasant surprise to many American allies at the time. And US Commerce Secretary Gina Raimondo confirmed in a press statement today that the Biden administration wants to restore relations with those countries.
Last October, the United States and the European Union had already reached an agreement on phasing out import duties. But due to Brexit, this did not apply to Britons.
According to Raimundo, the goal now is for allies to work together against what the United States sees as a distortion of Chinese competition.
