US trade officials will replace a tariff placed on UK steel by the Trump administration with a tariff-rate quota arrangement that allows steel products to be imported duty-free, up to a certain volume, the US Commerce Dept. and US Trade Representative announced March 22.
The deal, which will take effect June 1, allows about 551,000 tons of steel to be imported from the UK without Trade Expansion Act Section 232 tariffs being applied. Steel imported beyond that volume will still be subject to a 25% duty, the same amount under the previous flat tariff.