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U.S. trade chief, UK trade minister discuss steel and aluminum sectors -USTR -Breaking

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© Reuters. FILE PHOTO: Anne-Marie Trevelyan, Britain’s International Trade secretary, speaks at the Global Investment Summit, held at Science Museum in London on October 19, 2021. Leon Neal/Pool via REUTERS

Andrea Shalal and Ismail Shakil

WASHINGTON (Reuters).- U.S. Trade Representative Katherine Tai stressed Washington’s commitment to addressing overcapacity in steel and aluminum from non-market countries during a Tuesday meeting, her office stated.

Tai and Trevelyan stressed the “special relation” between their countries. They agreed to keep in touch with each other on issues of trade, but did not announce any formal negotiations on the inclusion of Britain in a steel trade agreement signed by the United States in October.

Tai was mentioned by the U.S. trade representative’s office as a reminder of the continued efforts to cooperate with partners in order to overcome the challenges posed not only by market policies but also non-market practice, such as those of China.

In light of last week’s postponement, both sides agreed to work together again on WTO topics, such as intellectual property and the COVID-19 pandemic.

USTR reported that Ambassador Franklin stressed America’s commitment to working together with similar-minded partners in order to eliminate non-market surplus capacity in the aluminum and steel sectors and ensure long-term viability of the industry.

USTR held talks last month with Japan to discuss possible joining the steel-and-aluminum agreement. This accord maintains 25% U.S. steel tariffs and 10% aluminum tariffs, and allows “limited quantities” of EU metals into the United States without duty.

The statement also stated that Tai and Trevelyan agreed to keep in touch with each other regarding global supply chains as well as climate change.

Britain also wants a free trade agreement. However, that is still a far-fetched prospect as President Joe Biden stated that it is not an option.

According to industry sources, Britain now seeks smaller deals in order to eliminate trade obstacles, resolve long-running disputes and collaborate with specific U.S. States.

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