Supply problems and inflation still push up the cost of raw materials, but an end to steel and aluminum tariffs should help offset construction price increases.
WASHINGTON – The United States and Britain have settled their dispute over special tariffs on steel and aluminum imports introduced under then-president Donald Trump, the two sides announced on Tuesday.
Britain will be allowed to export “historically-based sustainable volumes” of steel and aluminum duty-free into the United States again from June 1, according to a statement on the agreement distributed in Washington on Tuesday.
The duty-free trade volume should roughly correspond to that of 2018-2019, when there were no punitive tariffs.
“In response the UK will suspend rebalancing measures on U.S. products including whiskey, blue jeans and motorcycles,” the British government said in a statement. The U.S. said those exports are worth some 500 million dollars.
The agreement follows the model of a deal between the government of U.S. President Joe Biden and the European Union at the end of last year. A similar deal with Japan was announced in February.
© 2022 dpa GmbH. Distributed by Tribune Content Agency, LLC.