SEATTLE (Scrap Monster): The United States and Britain have agreed to commence bilateral talks aimed at resolving the long-pending trade dispute between the two countries over tariffs imposed by the U.S. administration on steel and aluminum imports from the UK, said a joint statement issued by both the parties.
The statement said that the proposed talks will address global steel and aluminum excess capacity apart from the tariff-related issued between both the countries. The joint statement calls for working towards an expeditious outcome, which in turn will ensure the viability of steel industries in both the countries. However, it did not mention any specific date or timeline for the talks.
The statement was issued after a virtual meeting between U.S. Commerce Secretary Gina Raimondo and UK Secretary of State for International Trade Anne-Marie Trevelyan.
The U.S. has been charging a levy of 25% on steel and 10% on aluminum imported from the UK. The charges were initially imposed in March 2018 by the Trump administration under the “Section 232” rule, in a bid to safeguard domestic producers in the U.S. from subsidized imports.
Meantime, U.S. trade groups including the American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA) cautioned against the talks, warning that new agreements may result in a flood of imports.