UK - US joint statement on addressing global steel and alumi...| MENAFN.COM

Monday, 16 May 2022 03:38 GMT

UK - US joint statement on addressing global steel and aluminium excess capacity


(MENAFN- Caribbean News Global)

LONDON / USA – The following is a joint statement from the UK and US on the start of bilateral discussions to address the issue of global steel and aluminium excess capacity.

“United Kingdom Secretary of State for International Trade Anne-Marie Trevelyan, United States Secretary of Commerce Gina M. Raimondo and United States Trade Representative Katherine Tai today announced the start of bilateral discussions to address global steel and aluminium excess capacity, including the United States' application of tariffs on imports from the United Kingdom under Section 232 and the UK's retaliatory tariffs on certain US exports to the UK.

“Both parties are committed to working towards an expeditious outcome that ensures the viability of steel and aluminium industries in both markets against the continuing shared challenge of global excess capacity and strengthens their democratic alliance.

“During a virtual meeting today, Secretary of State Trevelyan and Secretary Raimondo discussed the impact on their industries stemming from global excess capacity-driven largely by China. The distortions that result from this excess capacity pose a serious threat to market-oriented steel and aluminium industries in the United Kingdom and the United States, and to the workers in those industries. They agreed that, as the United Kingdom and the United States are close and long-standing partners, sharing similar national security interests as democratic market economies, they can partner to promote high standards, address shared concerns and hold countries that practise harmful market-distorting policies to account.

“Secretary Trevelyan, Secretary Raimondo and ambassador Tai will enter into discussions on the mutual resolution of concerns in this area that addresses steel and aluminium excess capacity and the deployment of effective solutions, including appropriate trade measures, to preserve our critical industries.”



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