Trade relations after Brexit: USA and Great Britain settle trade dispute

Both states on Tuesday settled their four-year dispute over steel and aluminum tariffs. UK Trade Secretary Anne-Marie Trevelyan said efforts to achieve closer cooperation had been intensified. After leaving the European Union, Great Britain has to reorganize its economic relations with the USA. Among other things, this involves customs duties, standards and other regulations for import and export.

A joint statement by US Trade Representatives Katherine Tai and Trevelyan said they had identified areas for closer cooperation. These included employee rights, environmental protection and the protection of supply chains. It is also important to make it easier for small and medium-sized companies to participate in world trade.

On the question of a bilateral free trade agreement, Tai said such agreements are “instruments of the 20th century”. It is important to look for innovative solutions in the face of new challenges. Britain is ready to sign a free trade agreement, Trevelyan said. But the purpose of the current US-UK dialogue is to “really think about where we want to go with our relationship.”

The agreement in the steel and aluminum dispute provides that Great Britain will receive a duty-free import quota of over 500,000 tons of steel. The agreement requires any Chinese-owned British steel company to disclose Chinese government influence. This initially applies to British Steel, which was taken over by the Chinese Jingye Group in 2020. In return, the UK lifts import restrictions on world-famous US goods such as Harley-Davidson motorcycles, Bourbon whiskey and Levi Strauss jeans.

Baltimore (Reuters)

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