An exemption for UK steel and aluminium products from additional US tariffs imposed under former President Donald Trump came into force on June 1.
According to the new deal, British manufacturers will be allowed to export up to 500,000 tonnes of steel and 21,600 tonnes of aluminium to the United States annually without being subject to additional duties.
British steelmakers considered this exemption from duties a great victory, and it would provide new economic opportunities for companies across the supply chains of this sector and including 80,000 workers.
Moreover, in exchange for US concessions, Britain will allow an end to additional duties imposed on some American products, including jeans and luxury motorbikes.
The dispute between Britain and the United States was settled last March after the United States announced its intention to treat steel and aluminium imports from Britain with a tariff quota system instead of section 232 of the British Trade Expansion Act, which imposed additional duties on these imports.