UK Rushes to Save Steel Tariff Deal With US Before Levies Double
(Bloomberg) -- UK Business Secretary Jonathan Reynolds will meet US Trade Representative Jamieson Greer in an attempt to rescue a deal to remove tariffs on British steel exports that is in danger of failing to be implemented ahead of a doubling of levies to 50% that's due to be imposed on Wednesday.
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If the UK and US are unable to reach a resolution, it would risk the so-called economic prosperity agreement announced last month between two nations not delivering on one of its key components. The agreement was sold by US President Donald Trump and Prime Minister Keir Starmer as a trade deal to reduce tariffs — but so far it hasn't taken effect.
'When it comes to implementation of the agreement, that work is ongoing,' Starmer's spokesman, Dave Pares, told reporters on Tuesday, signaling the UK does not know whether its steel industry will face 50% US tariffs on Wednesday. 'It's up to the United States to make their own policy announcements,' he said ahead of the meeting between Reynolds and Greer in Paris later Tuesday.
Under the agreement announced last month, the UK will fast-track US items through their customs process and reduce barriers on 'billions of dollars' of agricultural, chemical, energy and industrial exports, including beef and ethanol. The British government said auto tariffs on British-made vehicles exported to the US would be reduced to 10% and duties on metals slashed to zero.
'That agreement is committed to removing tariffs on steel and aluminium to save jobs and help the UK industry,' Pares said. 'That would mean that once that deal has been implemented, the steel industry will not pay tariffs for the majority of steel products that they're exporting to the US.'
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