U.S. Halts Tariff Hike on UK Steel Amid New Trade Pact Developments
The U.S. suspended plans to double steel and aluminum tariffs for Britain following a mutual agreement to implement a tariff relief deal swiftly. This move excludes British metals from increased levies, supporting British businesses. The agreement aims to reduce tariffs on both sides, with implementation details still pending.
The United States decided on Tuesday not to proceed with doubling steel and aluminum tariffs for the United Kingdom, mere hours after the UK declared an agreement on the need for immediate tariff relief.
The U.S. announcement, orchestrated under President Donald Trump, will maintain existing tariffs on British imports, while other nations face increased duties come June 4.
Trade ministers from both countries have committed to ensuring the benefits of the agreement reach consumers and businesses promptly, as both parties work to solidify details of the deal.
(With inputs from agencies.)
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