WASHINGTON — The U.S. and U.K. struck a trade accord Tuesday that will remove U.S. tariffs on British steel and aluminum, while the U.K. will lift levies on American whiskey, motorcycles and tobacco.
Biden administration officials said the agreement with the U.K. will allow the U.K to ship “historically-based sustainable volumes” of steel and aluminum products to the U.S. without levies imposed under the former Trump administration.
In exchange, the U.K. will lift retaliatory tariffs on more than $500 million worth of U.S. exports to the U.K., including distilled spirits, farm products and consumer goods.
The deal also requires any U.K. steel company owned by a Chinese entity to audit their financial records to assess possible influence from China, and share the results with the U.S., according to a statement from Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai.
Tuesday’s agreement follows similar deals the Biden administration signed with the European Union and Japan in recent months as part of its effort to mend trade ties with friendly nations strained during former President Donald Trump’s trade war.
An expanded version of this report appears on WSJ.com.
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