US, UK Struck Trade Deal to remove US Tariffs on British Steel and Aluminium

On Tuesday, the United States and the United Kingdom signed a trade agreement to eliminate US tariffs on British steel and aluminium, and the United Kingdom will impose tariffs on American whiskey, motorcycles and tobacco.

The Biden administration officials have said that the agreement with the UK will allow the UK to ship historically based sustainable volumes of steel and aluminium products to the US without levies imposed under the former Trump administration.

According to a statement by Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai, all British steel companies owned by Chinese entities will need to audit their financial records to assess the potential response from China and then share the results with the USA.

According to officials, the agreement will help to lower the costs for US companies that purchase imported steel, while discussing steep increases in imports by maintaining tariffs on shipments beyond the agreed level.

The agreement will allow the UK to ship up to  500,000 metric tonnes of steel duty-free, divided between 54 products, based on 2018 and 2019 trade volumes. The agreement also provides for tax exemption allocations for several types of aluminium.