British Media: UK Steel Deal Fell Apart at Last Minute

British news outlets reported that there was an agreement to allow a small quota of British steel to enter the U.S. duty-free, and subject the rest of steel and aluminum products to the currently applicable 25% Section 232 tariff, but that the deal was abandoned shortly before President Donald Trump's arrival in London this week.

The U.K.-U.S. trade deal does privilege British steel, since the rest of the world, including Canada and Mexico, have 50% tariffs on the products under the action.

It's not clear whether the U.K. decided not to push for the TRQ on offer, because they felt it was too small, or whether the deal fell apart on the U.S. side.