29 March 2022
As reported last week, the US has confirmed it will replace the 25% tariffs on steel, which were introduced by the then-president Donald Trump in 2018, with a quota system https://www.bbc.co.uk/news/business-60839343
UK Sales Manager, Steel & Metals, Phil Burkert said the move would be well received by the wider industry and would go some way to strengthening transatlantic trade between the US and the UK while helping to ease some uncertainty in the sector.
Through taking away the ‘section 232’ tariffs, export restrictions that have been in place since early 2018 will be removed.
UK manufacturers will benefit from a levelling of the playing field, gaining tariff-free access to the US markets and this will allow metal exports into the US duty-free up to a certain level - the quota - before taxes kick in again with the deal coming into into effect on 1 June.
In response to the announcement from the US, the UK will suspend rebalancing measures on US products including whiskey, blue jeans and motorcycles.
Of the approximately 70 million tonnes of cargo handled by Peel Ports each year, at least 1 million tonnes of this is steel.
Port of Liverpool opened its steel terminal in 2016 in response to increased customer demand for steel shipping via Liverpool and to provide both increased capacity and improved handling facilities at the existing terminal.
It is also strategically placed to the West Midlands where half of the UK’s steel is consumed and assists the sector that currently supports the jobs of over 80,000 people across the UK.