On 22 March 2022, the United States (US) and the United Kingdom (UK) issued a joint statement announcing the US will replace existing punitive tariffs under Section 232 of the Trade Expansion Act of 19621 (Section 232) on UK origin steel and aluminum products with a tariff-rate quota (TRQ) effective 1 June 2022.2 The agreement also includes a special requirement for any UK steel producer owned by a Chinese entity to prove that it does not receive any subsidy provided by any Government-controlled or directed entity in China by 1 December 2022.3
Additionally, the US Trade Representative (USTR) announced on 23 March 2022 the retroactive reinstatement of 352 eligible exclusions for products of Chinese origin that were subject to punitive tariffs under Section 301 of the Trade Act of 1974 (Section 301).
Source EY
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