Author Name: Emma Hau – Marketing Analyst at FreightAmigo | 24/3/2022
A trade agreement was made on 22nd March between US and UK, easing some Trump-era tariffs on steel and aluminum exports.
Since 2018, this US section 232 tariffs were introduced under “national security” concerns by the then president Donald Trump and were part of his broader efforts to put pressure on trading partners. British steel and aluminum companies that export to the US had faced tariffs of 25% and 10% respectively on their goods.
Under this trade deal, the US agreed to partially lift the tariffs on steel and aluminum produced in the UK. In return, the UK will lift its retaliatory tariffs on more than $500 million in American exports, including alcohol and consumer products.
Starting from last October, similar trade agreements had been made with the European Union and Japan respectively under Biden administration.
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