US and UK in talks on easing steel tariffs | Northwest Indiana Commercial Securities
The US government is again seeking to ease general tariffs by 25% with another trading partner.
After reaching an agreement to establish steel tariff quotas with the European Union, the United States is now discussing with the United Kingdom a relaxation of Section 232 tariffs.
“US Trade Secretary Gina M. Raimondo, US Trade Representative Katherine Tai and UK Secretary of State for International Trade Anne-Marie Trevelyan announced the start of bilateral talks to address global excess steel and aluminum, including in the United States”. the imposition of tariffs on imports from the UK under Section 232 and UK retaliatory tariffs on certain US exports to the UK,” the two countries said in a joint statement. “Both parties are committed to working towards an early outcome that ensures the viability of the steel and aluminum industries in both markets in the face of the ongoing common challenge of global excess capacity and strengthens their alliance. democratic.”
The federal government will continue to impose 25% steel tariffs on most imports from the rest of the world, with the exception of Canada and Mexico.
The steel and aluminum tariffs have been in place for three years and have helped drive U.S. steel prices to record highs. Steel buyers have pushed for them to be relaxed or phased out altogether, arguing they are no longer needed as prices for hot-rolled steel coils soar and costs are passed on to consumers cars, household appliances and other products.
The US and UK are currently discussing other trade measures that would safeguard the steel industry while addressing the concerns they have raised.
“During a virtual meeting today, Secretary Raimondo and Secretary of State Trevelyan discussed the impact on their industries of global excess capacity due in large part to China,” the two countries said. in a joint statement. “The distortions resulting from this excess capacity pose a serious threat to the market-oriented steel and aluminum industries in the United States and the United Kingdom, as well as to the workers in these industries. agreed that, as the United States and the United Kingdom are close and long-standing partners, sharing the same national security interests as democratic market economies, they can join together to promote high standards, meet common concerns and hold to account countries that practice harmful policies that distort the market.
Get the latest local business news FREE to your inbox every week.