The exemption of Trump-era tariffs on UK steel imports to the United States has come into force on Wednesday.
The UK-US tariff dispute was resolved in March after the United States announced that it will replace Section 232 of the Trade Expansion Act on steel and aluminum from the United Kingdom with tariff-rate quotas. It will allow UK manufacturers to export up to 500,000 metric tons of steel and 21,600 metric tons of aluminum to the United States free of Section 232 tariffs each year.
The lifting of tariffs has been hailed as a huge win by UK steelmakers and will bring new business opportunities for companies across the supply chain which employs 80,000 people.
In return for US concessions, the UK will end extra taxes levied on US products including whiskey, Levi’s jeans and Harley Davidson’s motorcycles.
The UK Secretary of State for International Trade Anne-Marie Trevelyan said, “From today, our UK steel and aluminium exporters can also get back to exporting across the Atlantic to our largest trading partner.”
Lifting the tariffs also means imports of US products to the UK will become cheaper.
Commenting on the implementation of the UK-US Section 232 deal, UK Steel Director General Gareth Stace said, “This is a significant day for the UK steel companies and their customers in the US. The implementation of this hard-fought deal marks a major improvement in the trading environment for UK sector and our thanks go to the Secretary of State and her team for getting this deal over the line and into effect.”
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