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The US and UK have reached an agreement regarding the 232 tariffs, Kallanish learns from a proclamation by US President Joe Biden published on the White House press site.
The agreement states steel products melted and poured in the UK are entitled to an aggregate rate quota of 500,000 tonnes/year.
UK steel products melted and poured there but sent to a conferring European Union country for additional processing are also going to be permitted.
The UK has agreed to conduct yearly audits on steel goods that may have been processed or otherwise made it to the US which aren’t permitted under the proclamation. Specifically, the UK is responsible for attesting to any market-distorting practices it learns may have transpired. Failure to make an attestation could result in a change to the tariff terms of this agreement.
Kristen DiLandro USA