Adds context, particulars on proposed tariffs
LONDON, Could 24 (Reuters) – Wine, chocolate and lobsters imported into Britain from america might face new tariffs beneath proposals from the British authorities to rebalance the checklist of products it targets as a part of an ongoing commerce battle round metal and aluminium.
The administration of former U.S. President Donald Trump launched 25% and 10% tariffs on metal and aluminium imports citing nationwide safety issues, prompting retaliatory measures from the European Union on items equivalent to bikes, whiskey and tobacco.
Britain included these into its new impartial tariff system when it accomplished its exit from the EU on the finish of 2020, however is now reviewing the checklist of merchandise to assist shield UK-specific pursuits.
“At the moment’s announcement will assist guarantee these measures are tailor-made to the wants of the UK economic system and formed to defend industries throughout the UK, together with metal and aluminium producers,” the commerce ministry mentioned in an announcement.
Customs information present Britain imported 133,512 tonnes of wine from america final yr, price 224 million kilos ($316.58 million). Britain at present imports extra lobsters from america than it exports.
Chocolate imports have been price 31 million kilos.
The checklist, which didn’t present proposed tariff charges, was printed as a part of a six-week session with companies and different stakeholders.
Commerce minister Liz Truss has already sought to make use of Britain’s independence from the EU’s widespread tariff coverage as each a diplomatic and financial instrument. Final week, she opened functions for a tariff suspension programme with a promise to assist producers decrease prices.
Britain’s acknowledged choice is to de-escalate the dispute with america and discover a negotiated answer that removes tariffs on each side. If profitable, the proposed checklist would by no means be applied.
The commerce division mentioned Truss and her U.S. counterpart have to date had productive discussions on the matter, however Britain maintains that the present U.S. tariffs that initiated the dispute are towards World commerce Organisation guidelines and with out basis.
“The UK will do no matter is critical to guard our metal business towards unlawful tariffs that would undermine British business and harm our companies,” Truss mentioned in an announcement.
($1 = 0.7076 kilos)
(Reporting by Andy Bruce and William James, Modifying by Paul Sandle and Bernadette Baum)
(([email protected]; +442075423484; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.