U.S. Swaps Tariffs for Quotas on U.K. Steel Imports
06/02/2022 - The Biden administration officially has dropped a blanket 25% tariff on U.K.-made steel and has replaced it with a tariff-rate quota system that caps imports at 500,000 metric tons annually.
The White House said in a statement that steel melted and poured in the U.K. and imported directly from there or further processed in the European Union and then imported qualifies under the new system.
“In my judgment, these measures will provide an effective, long-term alternative means to address any contribution by U.K. steel articles and derivative steel articles imports to the threatened impairment to the national security by restraining steel articles and derivative steel articles imports to the United States from the U.K., limiting transshipment, discouraging excess steel capacity and production, and strengthening the United States-U.K. partnership,” President Joe Biden said.
The administration agreed to the new system earlier this year.
“In my judgment, these measures will provide an effective, long-term alternative means to address any contribution by U.K. steel articles and derivative steel articles imports to the threatened impairment to the national security by restraining steel articles and derivative steel articles imports to the United States from the U.K., limiting transshipment, discouraging excess steel capacity and production, and strengthening the United States-U.K. partnership,” President Joe Biden said.
The administration agreed to the new system earlier this year.
