US - UK solve overcapacity in aluminum and steel production

The Vietnam News Agency correspondent in Washington reported that the US and UK on January 19 issued a joint statement saying that the two sides had started a negotiation process to resolve the current overcapacity in the global steel and aluminum market. bridge.

The joint statement stated: “US Secretary of Commerce Gina M. Raimondo, US Trade Representative Katherine Tai and UK Secretary of International Trade Anne-Marie Trevelyan on January 19 announced that the two sides had initiated meetings. bilateral discussions to address a global overcapacity in steel and aluminum production, including US tariffs imposed on British imports under Section 232 and retaliatory tariffs UK for some US exports to the UK.

According to the statement, the US and UK are committed to working collaboratively towards a speedy outcome to ensure the viability of their steel and aluminum industries in the face of the challenge of overcapacity. globally, as well as its effects.

The effects of overcapacity have posed a "serious threat" to the steel and aluminum industries in the US and UK, the statement said.

Accordingly,  Washington and London will discuss how to address concerns in this area, including appropriate trade measures to protect important industries.

Earlier, the Office of the US Trade Representative on December 7, 2021 said that during a meeting with British International Trade Secretary Trevelyan, Ms. Tai emphasized Washington's commitment to solving the problem of oversupply of aluminum and steel. , while ensuring long-term stability for these industries.

Britain wants to find a free trade agreement with the US, but this goal is still a distant prospect because this is not a priority for the administration of President Joe Biden.

Instead, Britain is pursuing smaller deals with individual US states to remove trade barriers and settle longstanding trade disputes.

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