NewsCase StudiesEvents

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

Also in the news...

7 Steps to Starting a Successful Business in College

Many students consider starting a business in college, inspired by the paths of successful people and the many opportunities available. Although various nuances may prevent you from achieving this, results orientation and perseverance will allow you to move mountains.

7 Popular Gibraltar Startup Companies

Though small, Gibraltar is a burgeoning hub for innovative startups. This British Overseas Territory has become attractive for entrepreneurs due to its favourable tax laws and business-friendly environment. Here, we explore seven popular startups significantly impacting their respective industries.

How AI Fashion Models are Changing the Product Modelling Business

Artificial Intelligence (AI) is revolutionizing various sectors, and the fashion industry is no exception. AI fashion models and the utilization of AI-generated images to showcase products represent a futuristic trend blending technology with creativity. This article delves into how AI is transforming fashion presentations, the benefits of this innovation, and potential future developments.

Navigating Tech Challenges in Global Expansion - Solutions for Startups

When you're steering your startup towards international waters, the thrill of tapping into new markets is often mingled with the challenge of navigating tech hurdles. From ensuring seamless operation across time zones to adapting to local regulations, the tech aspect of global expansion can seem daunting.

Guidance Living in Egypt

Information for British citizens moving to or living in Egypt, including guidance on residency, healthcare and employment.

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

Back to News

From today, UK steel and aluminium exporters can get back to exporting to our largest trading partner.

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

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

In tandem, the UK will end its rebalancing measures on a wide variety of US products including whiskey, Leviís jeans and Harley Davidsonís motorcycles.

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

From today, our UK steel and aluminium exporters can also get back to exporting across the Atlantic to our largest trading partner.

Lifting the tariffs also means imports of US products will be cheaper to import, lowering costs for UK consumers and businesses.

Itís 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 for International Trade (DIT) is helping businesses access the benefits of free trade, as the department continues breaking down trade barriers. From removing restrictions on high-quality Welsh lamb and Scottish beef to reaching an understanding on the longstanding Airbus-Boeing dispute to remove 25% tariffs on Scotch whisky.

Three whiskey lovers are toasting the lifting of trans-Atlantic tariffs on their favourite tipple by launching the first ever bourbon to be finished in England.

Martha Dalton, David Wild and Fran OíLeary, have set up Never Say Die to ship supplies of the iconic liquor distilled in Kentucky over to the UK to be matured and then sold.

This will be the first time that bourbon, distilled and matured in Kentucky, will be ocean aged on a six-week trip across the Atlantic, and then matured in barrels in Derbyshire to give it a unique, British finish.

David Wild, Co-Founder of Never Say Die, said:

Weíre very grateful to Anne-Marie Trevelyan for her work to remove the tariffs on American whiskey, which were damaging to both the UK and the US industries.

DIT made it possible for us to ship our bourbon over to the UK, with the first barrels set to be shipped today, and launch our brand, investing and creating jobs in the UK.

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

This is a significant day for the UK steel companies and their customers in the US. The implementation of this hard-fought deal marks a major improvement in the trading environment for UK sector and our thanks go to the Secretary of State and her team for getting this deal over the line and into effect.

From today UK steel producers will again be able to sell steel to American consumers tariff free giving them a critical competitive advantage over global competitors and allowing them to recover market share lost in the years since tariffs were imposed. Today marks the start of a comeback for UK steel in the US, and we welcome the reopening of this important market for UK producers once again.

The UKís whisky industry is thriving and the fact companies are making moves into the Bourbon market is testament to that.

Whisky exports rose nearly 20% last year to £4.6 billion Ė of which over £820 million-worth went to the US, making it our biggest food and drink export both Stateside and internationally.

US spirits company Brown-Forman, which owns three of Scotlandís top distilleries GlenDronach, Benriach and Glenglassaugh also hailed the resolution of the S232 tariffs dispute. The firm, which employs hundreds of people in the UK, revealed that 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 OíLeary and David Wild. Never Say Die is the English take on the American Dream.

gov.uk

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.