US, UK Reach Resolution on Section 232 Steel Tariffs

The U.S. and U.K. reached an agreement that will drop Section 232 tariffs on steel and aluminum imports from the U.K. Under the deal, the U.S. will allow “historically-based sustainable volumes” of U.K. steel and aluminum goods to enter the country, the Commerce Department said, adding that it will lift the tariffs June 1. The U.S. will also require any U.K. steel company owned by a Chinese entity to undergo a financial audit “to assess influence” from the Chinese government.