US, Britain mutually lifts some tariffs

The Biden administration said that it would roll back Trump-era tariffs on British steel and aluminum, moving to resolve a trans-Atlantic trade clash that had soured relations with a key ally, Report informs, citing New York Times.

Under the agreement, the United States will allow a certain volume of metals from the United Kingdom to be imported duty-free starting June 1. In return, Britain agreed to lift tariffs on more than $500 million worth of American whiskey, blue jeans, motorcycles, and other products, removing barriers imposed on US exports during the trade spats of the Trump administration.

International Trade Secretary Anne-Marie Trevelyan said: "Today's announcement is good news for our steel and aluminum industries who have been unfairly hit by these tariffs and the 80,000 people employed across the sector. It means our manufacturers can now enjoy a high level of tariff-free access to the US market once again. Hopefully, we can now move forward and focus on deepening our thriving trading relationship with the US."