UK-US tariff resolution creates export opportunities for steelmakers and whisky makers alike
From today, UK steel and aluminium exporters can get back to exporting to our largest trading partner.
Following the resolution of the S232 tariff dispute by the Secretary of State earlier this year, from today [Weds 1 June] UK steel and aluminium exporters can start exporting tariff free up to a specified volume to our largest trading partner for the first time since 2018.
The lifting of tariffs has been hailed as a huge win by UK steelmakers and will bring new business opportunities for companies across the supply chain which employs 80,000 people.
In tandem, the UK will end its rebalancing measures on a wide variety of US products including whiskey, Levi’s jeans and Harley Davidson’s motorcycles.
The Secretary of State for International Trade Anne-Marie Trevelyan said:
From today, our UK steel and aluminium exporters can also get back to exporting across the Atlantic to our largest trading partner.
Lifting the tariffs also means imports of US products will be cheaper to import, lowering costs for UK consumers and businesses.
It’s exciting to see how our thriving transatlantic trade relationship is creating brilliant opportunities for UK businesses, supporting jobs and driving economic growth.
The resolution is a prime example of how the Department for International Trade (DIT) is helping businesses access the benefits of free trade, as the department continues breaking down trade barriers. From removing restrictions on high-quality Welsh lamb and Scottish beef to reaching an understanding on the longstanding Airbus-Boeing dispute to remove 25% tariffs on Scotch whisky.
Three whiskey lovers are toasting the lifting of trans-Atlantic tariffs on their favourite tipple by launching the first ever bourbon to be finished in England.
Martha Dalton, David Wild and Fran O’Leary, have set up Never Say Die to ship supplies of the iconic liquor distilled in Kentucky over to the UK to be matured and then sold.
This will be the first time that bourbon, distilled and matured in Kentucky, will be ocean aged on a six-week trip across the Atlantic, and then matured in barrels in Derbyshire to give it a unique, British finish.
David Wild, Co-Founder of Never Say Die, said:
We’re very grateful to Anne-Marie Trevelyan for her work to remove the tariffs on American whiskey, which were damaging to both the UK and the US industries.
DIT made it possible for us to ship our bourbon over to the UK, with the first barrels set to be shipped today, and launch our brand, investing and creating jobs in the UK.
Commenting on the implementation of the UK-US Section 232 deal, UK Steel Director General Gareth Stace said:
This is a significant day for the UK steel companies and their customers in the US. The implementation of this hard-fought deal marks a major improvement in the trading environment for UK sector and our thanks go to the Secretary of State and her team for getting this deal over the line and into effect.
From today UK steel producers will again be able to sell steel to American consumers tariff free giving them a critical competitive advantage over global competitors and allowing them to recover market share lost in the years since tariffs were imposed. Today marks the start of a comeback for UK steel in the US, and we welcome the reopening of this important market for UK producers once again.
The UK’s whisky industry is thriving and the fact companies are making moves into the Bourbon market is testament to that.
Whisky exports rose nearly 20% last year to £4.6 billion – of which over £820 million-worth went to the US, making it our biggest food and drink export both Stateside and internationally.
US spirits company Brown-Forman, which owns three of Scotland’s top distilleries GlenDronach, Benriach and Glenglassaugh also hailed the resolution of the S232 tariffs dispute. The firm, which employs hundreds of people in the UK, revealed that it is planning a multi-million pound investment in its Scottish facilities.
About Never Say Die
Never Say Die was founded in 2017 by Pat Madden, Brian Luftman, Shane Baker, Pat Heist, Martha Dalton, Fran O’Leary and David Wild. Never Say Die is the English take on the American Dream.