The United States and the United Kingdom on Tuesday agreed to partially remove tariffs that former president Donald Trump imposed on British aluminum and steel.
According to a report, the announcement came after a two-day trade talk shadowed by the Ukraine conflict.
The Biden administration has already signed similar agreements with Japan and the European Union as part of efforts to rebuild trade relations with its allies, which were damaged under the Trump administration.
“President Biden has made it a top priority to rebuild our relationships with our allies and partners around the world as we work to counter China’s unfair trade practices and ensure that America is able to compete globally in the 21st century,” Commerce Secretary Gina Raimondo said in a statement.
Raimondo added that the agreement reached with the U.K. would benefit America’s steel and aluminum industries and workers by protecting manufacturing and consumers by easing inflationary pressures in the U.S.
The announcement came while U.K. Secretary of State for International Trade Anne-Marie Trevelyan was in the United States for high-level talks with U.S. Trade Representative Katherine Tai on the future of the U.S.-U.K. economic relationship.
The steel and aluminum deal will end an irritant in the U.S.-U.K. trade relationship when the two trans-Atlantic allies and other members of NATO are eager to unify in the face of Russia’s aggression in Ukraine.
The deal also requires any U.K. steel company owned by a Chinese entity to be subject to financial auditing to determine the influence from the People’s Republic of China government, U.S. officials said. The findings of these audits must be made available to the United States.
This story originally appeared on Politico.
The decision to lift tariffs on British steel raises concerns for both countries. It’s a delicate balance amid global tensions.
Isn’t it great news that the U.S. and U.K. resolved the steel tariff conflict? It shows progress in global cooperation. Strengthening trade ties is vital for stability. Let’s hope for more positive collaborations to counter challenges.
Isn’t it intriguing how the U.S. and the U.K. have agreed to lift tariffs on British steel and aluminum? It’s a big move for boosting trade ties and supporting industries. I think it shows real progress in working together for fair trade. What do you make of this development?