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U.S. and U.K. reach deal to ease tariffs on steel and aluminum

Industry News, News | March 29, 2022 | By:

The United States Department of Commerce announced that the U.S. and United Kingdom (U.K.) reached a deal to ease steel and aluminum tariffs, allowing U.K. steel and aluminum products to enter the U.S. without application of Section 232 tariffs.

The deal will allow 500,000 metric tons of steel annually to be imported duty free, with higher amounts subject to tariffs, starting June 1, the Commerce Department said in a statement. The U.K. also will end retaliatory tariffs on more than $500 million worth of U.S. exports, including American-made recreational boats, distilled spirits, agriculture products and consumer goods.

Since the 25 percent retaliatory tariffs were levied in 2018 on American-made boats and engines entering the U.K., U.S. marine industry exports to the U.K. decreased by more than 60 percent, according to the National Marine Manufacturers Association website.

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