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Steel Deal means an end to UK tariffs on popular American brands like Levis and Harley-Davidson | business news

Fans of whiskey, blue jeans and motorbikes will welcome a UK-US steel tariff deal.

The US has agreed to partially end tariffs on British steel and aluminum imposed by the Trump administration during a row with the European Union in 2018.

In response, the UK will suspend retaliation it has taken against US products such as bourbon whiskey, Levi Strauss blue jeans and Harley-Davidson motorcycles.

The Department of International Trade said the “expansive lifting” of the tariffs would take effect in June this year.

International Trade Minister Anne-Marie Trevelyan said the deal was “good news for our steel and aluminum industries” which have been “unfairly hit” by the tariffs.

Steel and aluminum tariffs had cost the industry more than £60m a year

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Agreement was reached on US tariffs on British steel and aluminium

Ms Trevelyan previously said the tariffs – 25% on steel and 10% on aluminum – had cost the industry more than £60million a year.

The solution agreed by the UK and US is to replace Section 232 tariffs on certain steel and aluminum exports with tariff quotas.

“This means that our manufacturers can now enjoy a high level of duty-free access to the US market again,” she said.

But Shadow International Trade Secretary Nick Thomas-Symonds said: “British steel and aluminum producers have had to grapple with punitive tariffs originally imposed by President Trump for four years.

“Ministers have hesitated and hesitated, so the lifting of these tariffs at last is a welcome relief. The government must now ensure that this agreement enters into force as soon as possible.

“Ministers need to secure a stable long-term trade deal with the US,” Labor said

“In their 2019 manifesto, the Conservatives pledged a US trade deal by the end of 2022. Ministers must move to secure a stable long-term trade deal with the US and deliver on their public promise.”

Gareth Stace, Director General of UK Steel said: “I would like to congratulate the Government on behalf of the whole steel sector on their success in these hard fought negotiations which have resulted in a very positive outcome for UK steelmakers.

“This deal is the culmination of months of dedicated work by Anne-Marie Trevelyan and her department, removing long-standing export barriers and opening access to the important and high-value US steel market.

“The benefits of this deal will be felt by steel companies and their employees across the UK and are very welcome.”

Britain is a relatively small steel supplier to the US.

Its finished steel quota of 500,000 tonnes is slightly more than the average UK shipments to the United States for 2018 and 2019 and much smaller than the EU quota of around 4 million tonnes and Japan’s 1.25 million tonnes.

Steel Deal means an end to UK tariffs on popular American brands like Levis and Harley-Davidson | business news

Source link Steel Deal means an end to UK tariffs on popular American brands like Levis and Harley-Davidson | business news

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