The UK government has announced its independent approach to the longstanding trade conflicts between the EU and the US around steel and aluminium tariffs. The government will impose retaliatory tariffs on steel and aluminium to defend the UK steel industry after Brexit in response to the Section 232 tariffs imposed by the US on imports of the given products. The tariffs will be effective from January 1, 2021.
The UK government is also suspending retaliatory tariffs on $4 billion worth of US products resulting from the Boeing dispute, in an effort to bring the US towards a reasonable settlement.
“As an independent trading nation once again, we finally have the ability to shape these tariffs to our interests and our economy, and to stand up for UK business. Ultimately, we want to come to a negotiated settlement so we can deepen our trading relationship with the US and draw a line under all this. We are protecting our steel industry against illegal and unfair tariffs - and will continue to do so - but are also showing the US we are serious about ending a dispute that benefits neither country,” Liz Truss, the UK’s international trade secretary, said.
