US UK multilateral consultations related to steel and aluminium
Date
10/31/2021 6:14:18 PM
(MENAFN- Caribbean News Global) LONDON / USA – The US Department of Commerce, issued the following statement regarding the ongoing consultations between the United States and the United Kingdom on bilateral and multilateral issues related to steel and aluminium:
“The United States and the United Kingdom are consulting closely on bilateral and multilateral issues related to steel and aluminium, with a focus on the impacts of overcapacity on the global steel and aluminium markets; the need for like-minded countries to take collective action to address the root causes of the problem; and the climate impacts of the sectors.
“Building on our shared democratic values, the United States and the UK are committed to working together to address contemporary economic challenges, while supporting their industries and workers. The United States and the UK look forward to market-orientation and tackling carbon emissions across all types of production in the steel and aluminium industry.
“The United States and the UK are each other's biggest investors, with trade in goods and services between the United States and the UK worth over $250 billion in 2020. We are committed to enhancing that relationship yet further and plan to resume a range of talks on trade and economic issues.”
The UK Department for International Trade spokesperson said: “We welcome the Biden Administration's willingness to work with us to address trade issues relating to steel and aluminium, and it is encouraging that the US is taking steps to de-escalate this issue.
“The International Trade Secretary recently held positive discussions with US Trade Representative Katherine Tai in London. The UK is committed to addressing both global steel overcapacity and decarbonisation, and we remain focused on agreeing a resolution that sees damaging tariffs removed to the benefit of businesses on both sides of the Atlantic.”
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