Reuters reports that U.S. Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai said in a joint statement the deal “would protect steel and aluminum companies — and their workers — in both countries, allowing the allies to focus on what they say are ‘China's unfair trade practices.’”
 
Under the agreement, the U.K. will receive a duty-free import quota of more than 500,000 metric tons of steel that is melted and poured in the country annually, with excess volumes subject to a 25% tariff.
 
Raimondo said the deal would also help ease inflation in the United States, where consumer prices are at a 40-year high.
 
The United Steelworkers union said the deal marked “an important step in addressing systemic problems like illegal dumping and global overcapacity that threaten the vitality and future of our steel and aluminum industries.”
 
Steel Manufacturers Association president Philip Bell said in a statement, “The Steel Manufacturers Association (SMA) is pleased with the 232 agreement between the United States and the United Kingdom announced today. This agreement will help with the problems of global excess steel capacity, transshipment, illegal dumping and subsidies. The deal will end the threat of retaliatory tariffs by the U.K. and will implement a tariff rate quota structure with a melted and poured requirement.”  
 
Bell added, “We are glad to see that the arrangement also includes a requirement to audit Chinese owned steel producers in the U.K. This will help prevent favorable Chinese financing and subsidies and thwart China’s attempts to evade fair trade laws by using foreign investment.”
 
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