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The U.S. and the U.K. reach an agreement on import tariffs on steel and aluminum. This settles a dispute that has dragged on for more than four years.
The U.S. Department of Commerce and the U.S. Trade Representative (USTR) said in a statement that the new agreement will allow the U.K. to export large quantities of steel and aluminum to the U.S. market without tax restrictions under Article 232.
The agreement also paves the way for the elimination of tariffs on more than $500 million worth of U.S. exports to the U.K., including spirits, various agricultural products, and consumer goods.
Former President Trump imposed a 25% tariff on U.K. steel imports and a 10% tariff on aluminum imports in 2018 under Section 232 of the Trade Expansion Act of 1962, which has been met with strong opposition at home and abroad.
The U.S. Trade Representative explained that the trade agreement will benefit the U.S. steel and aluminum industries, as well as industrial workers. It will also benefit consumers because it will reduce inflationary pressures in the U.S.