UK-US tariff resolution creates export opportunities for steelmakers and whiskey makers

Following the resolution of the S232 tariff dispute by the Secretary of State earlier this year, effective today [Weds 1 June] UK steel and aluminum exporters can start exporting duty-free up to a specified volume to our biggest trading partner for the first time since 2018.

The lifting of tariffs has been hailed as a huge victory by UK steelmakers and will bring new business opportunities to companies across the supply chain which employ 80,000 people.

Meanwhile, the UK will end its rebalancing measures on a wide variety of US products, including whiskey, Levi’s jeans and Harley Davidson motorcycles.

Secretary of State for International Trade Anne-Marie Trevelyan said:

From today, our UK steel and aluminum exporters can also start exporting across the Atlantic to our biggest trading partner again.

The lifting of tariffs also means imports of US goods will be cheaper to import, reducing 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 of International Trade (DIT) is helping businesses access the benefits of free trade as the department continues to remove trade barriers. From lifting restrictions on high-quality Welsh lamb and Scottish beef to reaching an agreement on the long-running Airbus-Boeing dispute to remove 25% tariffs on Scotch whisky.

Three whiskey lovers toast the lifting of transatlantic tariffs on their favorite drink by releasing the first-ever bourbon to be finished in England.

Martha Dalton, David Wild and Fran O’Leary set up Never Say Die to ship supplies of the iconic Kentucky-distilled liquor to the UK to be matured and then sold.

It will be the first time the bourbon, distilled and matured in Kentucky, will be aged at sea on a six-week voyage across the Atlantic, then matured in barrels in Derbyshire to give it a unique British finish.

David Wild, co-founder of Never Say Die, said:

We are very grateful to Anne-Marie Trevelyan for her work to remove tariffs on American whiskey, which hurt both British and American industries.

DIT has enabled us to ship our bourbon to the UK, with the first barrels due to ship today, and to launch our brand, investing and creating jobs in the UK.

Commenting on the implementation of the UK-US Section 232 agreement, UK Steel Managing Director Gareth Stace said:

It is an important day for British steel companies and their customers in the United States. The implementation of this hard-fought agreement marks a major improvement in the business environment for the UK sector and our thanks go to the Secretary of State and her team for getting this deal through and bringing it into effect.

From today, UK steel producers will once again be able to sell steel to US consumers duty-free, giving them a key competitive edge over their global rivals and allowing them to reclaim share of market lost in the years following the imposition of the tariffs. Today marks the start of a return of British steel to the United States, and we again welcome the reopening of this important market for British producers.

The whiskey industry in the UK is thriving and the fact that companies are getting into the bourbon market is testament to that.

Whiskey exports grew nearly 20% last year to £4.6bn, of which over £820m went to the US, making it our biggest commodity export food and beverages in the United States and abroad.

US spirits company Brown-Forman, which owns three of Scotland’s biggest distilleries GlenDronach, Benriach and Glenglassaugh, also welcomed the resolution of the S232 tariff dispute. The company, which employs hundreds of people in the UK, has revealed 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 version of the American dream.

About William G.

Check Also

The Evolution of Cryptocurrencies and Digital Assets

Countries and governments are scrambling to accommodate these assets and institutions, while more and more …