The 海角视频 Government has struck a deal with authorities in America to partially end the tariffs on British steel and aluminium imposed by former president Donald Trump.
The Department for International Trade (DIT) said the US had announced an 鈥渆xpansive removal鈥 of section 232 tariffs, which have affected a number of 海角视频 metals exporters. The changes are expected to take effect on June 1.
In response the 海角视频 will suspend rebalancing measures on US products including whiskey, blue jeans and motorcycles, officials said.
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International Trade Secretary Anne-Marie Trevelyan said the announcement was 鈥済ood news for our steel and aluminium industries鈥, which she claimed had been 鈥渦nfairly hit鈥 by the tariffs.
鈥淚t means our manufacturers can now enjoy a high level of tariff-free access to the US market once again,鈥 she said.
But Labour said the move was 鈥渓ong overdue鈥.
Shadow international trade secretary and Torfaen MP, Nick Thomas-Symonds, said: 鈥満＝鞘悠 steel and aluminium manufacturers have had to face four years of punitive tariffs initially imposed by president (Donald) Trump.
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鈥淢inisters have dithered and delayed, so finally getting these tariffs lifted is a welcome relief. The Government now needs to make sure that this agreement comes into effect at the earliest opportunity.
鈥淚n their 2019 manifesto, the Conservatives promised a US trade deal by the end of 2022. Ministers need to get moving to secure a stable long-term trading arrangement with the US, and keep their promise to the public.鈥
The 25 per cent tariff on steel and 10 per cent tariff on aluminium was imposed by the Trump administration during a dispute with the European Union in 2018.
Ms Trevelyan previously said the tariffs had cost the industry more than 拢60m per year, and expressed her hopes for swift progress to resolve the matter.
The solution agreed by the 海角视频 and US will involve replacing section 232 tariffs on certain exports of steel and aluminium with tariff rate quotas. It is estimated it would cover 500,000 tonnes of 海角视频 steel.
Gareth Stace, director general of 海角视频 Steel, said: 鈥淚 would like to congratulate the 海角视频 Government on behalf of the entire steel sector for its success in these hard-fought negotiations which have resulted in a hugely positive outcome for 海角视频 steelmakers.
鈥淭his deal is the culmination of months of dedicated work from Anne-Marie Trevelyan and her department, removing long-standing export barriers and opening up access to the important and high-value US steel market.
鈥淭he benefits of this deal will be felt by steel companies and their employees right across the 海角视频 and is immensely welcome.鈥
Director and co-founder of Caldicot-based Pro Steel Engineering, Richard Selby, said : 鈥淭his is undoubtedly great news for the sector. Not only will it help existing exports we do, but it will make future work and projects even more prosperous and likely to happen. We previously exported over $500k of product to the US, and look forward to seeing zero tariffs from 1 June 2022.鈥
William Bain, head of trade policy at the British Chambers of Commerce, said: 鈥淭he ending of the section 232 tariffs on 海角视频 steel product exports to the US in June is extremely welcome as businesses and consumers across the globe face unprecedented rises in trade and living costs. The revised US tariff rate quotas apply to steel melted and poured in the 海角视频.
鈥淧eople in the 海角视频 will also benefit from the ending of our rebalancing measures on products like US jeans too.
鈥淏oth governments now need to work with business to produce lasting solutions to how we improve global steel supply chains. That means considering what happens to steel imports into the 海角视频 and where these can be sourced from at acceptable cost for manufacturing firms.鈥
Scunthorpe MP Holly Mumby-Croft has British Steel's headquarters in her constituency, and has been campaigning on this issue in Parliament since her election in 2019, alongside crippling energy costs for the sector.
She said: 鈥淚 am absolutely delighted to hear that these tariffs have been removed. This is something that I, along with other Conservative Steel MPs, have been pushing the Government on for a some time now, so it鈥檚 fantastic to see that we鈥檝e had some great success.
"The Trade Secretary, Anne-Marie Trevelyan, has been working really hard on this in Baltimore in recent months, and she has had my full support all the way throughout. This is a really positive outcome for us here in Scunthorpe. I look forward to steel from our blast furnaces being used accross the States!
"Of course, we can鈥檛 afford to rest on our laurels, there are so many other things we need to do to help steel, and I will continue to work hard on this in Parliament.鈥
