The United States has recently made the decision to lift Trump era steel tariffs against the EU (active on 1 January), but hesitates to do the same for the UK. The refusal to lift the tariffs has been reported as a result of Article 16 relating to Brexit and Northern Ireland’s tricky trade situation.
In an attempt to work out a deal, International Trade Secretary Anne-Marie Trevelyan traveled to the US to meet with Commerce Secretary Gina Raimondo. Unfortunately, it seems that the conversation didn’t get very far and no deal has been made yet.
During her visit to the US, Ms. Trevelyan warned that if the nations were unable to find a resolve, the UK would have to consider countervailing tariffs on US products such as cosmetics, whiskey, electric motors, and lobsters.
The steel tariffs in question were passed in 2018 when the UK was still a member of the EU and they are quite steep – 25% on steel exports, and 10% on aluminium.
It is unlikely that there will be any resolution before the new year, as the US wishes to further discuss the situation with it’s larger trade partner, the EU.
For the full story and updates, visit BBC.com
Welcome to the Show Nathan Sigsworth, Kayhan Karayel, and Simon Pickering!
In our efforts to further expand JMS, we have brought in a few new members to the team. Please join us in welcoming Kayhan Karayel, Simon Pickering, and Nathan Sigsworth!…