The British steel sector late last week called for clarity on when U.
S. steel tariffs would be lifted as part of a trade agreement between the parties. This is reported by Reuters.
On May 8, the British government announced an agreement with the United States. As mentioned, it was agreed to reduce steel duties to 0% from 25% so that British metallurgists could continue exporting to the United States.
However, the details that were released later indicate that the parties still have to formalize certain requirements and quotas, so industry representatives need clarity on when the duties will be lifted.
According to the document, the United Kingdom will work to promptly comply with U.
S. requirements for the security of supply chains of steel and aluminum products intended for export to the United States and regarding the nature of ownership of the relevant production facilities.
Chrysa Glystra, director of trade and economic policy at UK Steel, an industry organization, noted that much has not yet been fully defined in the agreement. According to her, the sector has no idea yet when this will take effect and what the time frame will be.
UK Steel congratulated the deal on May 8, but noted that it is important to take into account the indirect impact of US steel tariffs on the rest of the world. This could lead to a redirection of trade and import pressure on the British market.
The industry association said it is awaiting further details to find out whether the British government has committed to strengthen the country's trade protection under this agreement, and whether this will lead to a reduction in the share of local metallurgists in the domestic market from the current 35%.
It is also noted that it is extremely important to urgently strengthen protective quotas, as the EU has done, and at the same time develop and implement a reliable trade protection mechanism as soon as possible.
At the same time, Philip K. Bell, president of the Association of Steel Manufacturers (SMA), offered his assistance in negotiating alternative options for Section 232 under the US-UK agreement, Kallanish reports.
As the SMA said in a statement, each country's situation regarding Section 232 steel tariffs is different, and it should be handled accordingly to ensure that American industry is treated fairly.
