As expected, as a result of the negotiations, American duties on British steel and aluminum exports, as well as retaliatory tariffs of the kingdom, will be relaxed or lifted.
The United States and Britain announced on Wednesday the launch of formal bilateral talks to address the impact of overcapacity on global steel and aluminum markets, including U.S. customs duties on British steel and aluminum, as well as retaliatory tariffs by the United Kingdom on a number of American goods. This is stated in a joint statement issued by the U.S. Secretary of Commerce Gina Raimondo, the U.S. representative at the trade negotiations Katherine Tai and the Minister of Foreign Trade of the Kingdom Anne-Marie Trevelyan.
“Both sides intend to work to achieve a result as soon as possible that will ensure the viability of the steel and aluminum industries in the markets of both countries in the face of the continuing common problem of global overcapacity and strengthen their democratic union,” the document says. During the consultations held on Wednesday via videoconference, Raimondo and Trevelyan “discussed the impact on the industry of their countries of the excess capacity in the world, created mainly by China.”
“Disruptions resulting from 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 workers in these industries,” the statement says. The ministers stated that their countries will “cooperate to promote high standards, solve common problems and hold accountable countries that practice harmful policies that lead to market imbalances.”
It is expected that as a result of the negotiations, American duties on British steel and aluminum exports, as well as retaliatory tariffs of the kingdom, will be relaxed or lifted. In 2018, then U.S. President Donald Trump signed orders on the introduction of customs duties on imported steel and aluminum products: 25% for steel and 10% for aluminum. This provoked sharp criticism from the international community.