US, UK reach steel, aluminum tariff deal - owned by a Chinese entity (SCUNNY)22 Mar 2022 22:38
Washington and London reached a deal on tariffs on United Kingdom steel and aluminum exports to the United States, US Secretary of Commerce Gina Raimondo and US Trade Representative (USTR) Katherine Tai announced on Tuesday. The US said it will end the 25% steel and 10% aluminum tariffs imposed by the Trump administration against the UK back in 2018 when it had still been a member of the European Union.
Under the agreement, "any U.K. steel company owned by a Chinese entity must undertake an audit of their financial records to assess influence from the People's Republic of China government" and "the results of these audits must also be shared with the United States," the Washington officials revealed.
The deal will also lead to the removal of "retaliatory tariffs on over $500 million worth of U.S. exports to the U.K., including distilled spirits, various agriculture products and consumer goods," the Biden administration specified.
Baha Breaking the News (BBN) / MS