On June 16, the US president Donald Trump has signed an executive order on how to implement the trading terms under the US-UK Economic Prosperity Deal agreed in May, according to a statement by the White House. This order addresses automobiles, aerospace, steel and aluminum. With the deal, the UK will reduce or eliminate numerous non-tariff barriers against the US products, enabling the US-based companies to access the UK markets.
Looking at the order regarding steel segment, some UK products consistent with the general terms of the deal and pursuant to certain principles outlined in the order will be subject to tariff-rate quotas, while the remaining products will remain subject to the existing Section 232.
Trump decided to keep tariffs on UK steelmakers at 25 percent with the US-UK Economic Prosperity Deal, as SteelOrbis previously reported.
