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New U.S.-U.K. trade deal cuts tariffs on British steel

The United States and Britain ended a four-year dispute over U.S. steel and aluminum tariffs on Tuesday, pledging to work together to counter China in a deal that also removes retaliatory tariffs from other products.

In a joint statement, U.S. Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai said the deal would protect steel and aluminum companies – and their workers – in both countries, allowing the allies to focus on what they say are “China’s unfair trade practices.”

The would also help ease inflation in the United States, where consumer prices have hit their highest level in 40 years, Raimondo said.

Under the deal, Britain will receive a duty-free import quota of over 500,000 tonnes of steel “melted and poured” in the country annually, with higher volumes subject to the 25% tariff.

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