June 21, 2024

The United States and the United Kingdom are resolving a trade dispute

The United States and the United Kingdom are resolving a trade dispute

D.The United States and the United Kingdom have made progress in restoring trade relations after Brexit and plan to resume talks next month. The two states settled their four-year dispute over iron and aluminum tariffs on Tuesday. UK Trade Secretary Ann-Marie Trevelyan said efforts to work more closely have been intensified. After leaving the EU, Great Britain will have to restructure its economic ties with the United States. Among other things, it covers customs duties, standards, and other regulations on imports and exports.

A joint statement from US trade representatives Catherine Toy and Trevelyan said they had identified areas for closer cooperation. These include employee rights, environmental protection and the protection of supply chains. It is also important for small and medium enterprises to facilitate their participation in world trade.

When asked about the bilateral free trade agreement, Toy said such agreements are “tools of the 20th century”. It is important to look for innovative solutions in facing new challenges. Travelian said Britain was ready to sign a free trade agreement. But the purpose of the current US-UK dialogue is to “really think about where we want to go in our relationship.”

Great Britain has agreed to a tax-free import quota of 500,000 tonnes of steel in the steel and aluminum dispute deal. According to the agreement, every British steel company owned by the Chinese government must disclose the influence of the Chinese government. It will first apply to British Steel, which was acquired by the Chinese Jingye Group in 2020. In return, Britain lifted import restrictions on world-famous American products such as Harley-Davidson motorcycles, Bourbon whiskey and Levi Strauss jeans.

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