The United States and the United Kingdom have reached an agreement to gradually reduce mutual import duties, including steel and aluminum. Former President Trump decided on an additional tax in 2018, in his own words to protect the US economy, after which Europe also introduced tariffs on US products.
Some of Britain’s steel and aluminum exports are now exempt from US taxes. In return, the UK will remove taxes on US goods such as spirits and agricultural products worth a total of $ 500 million.
The UK can now export 500,000 tonnes of steel and 900,000 tonnes of aluminum to the US without being subject to 25 per cent and 10 per cent import duties, respectively.
Previously agreed with the EU
These taxes came as an unpleasant surprise to many American allies at the time. U.S. Trade Secretary Gina Raymondo stressed in a news release today that the Biden administration wants to re-establish relations with those countries.
Last October, the United States and the European Union already reached an agreement to gradually reduce import duties. But because of Brexit, this did not apply to the British.
According to Raymondo, the goal now is for the allies to work together against what the United States considers to be disrupting China’s competition.
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