US announces deal with UK to end steel, aluminum tariffs

"By allowing for a flow of duty-free steel and aluminum from the UK, we further ease the gap between supply and demand for these products in the United States," Commerce Secretary Gina Raimondo said in a statement.

"And by removing the UK's retaliatory tariffs, we reopen the British market to beloved American products."

The deal was the latest in a series of efforts by President Joe Biden to settle trade spats with US allies, some of which were long-running and others started under the Trump administration.

Washington and London in January announced the start of negotiations to end the dispute, which began when Trump imposed levies of 25 percent on steel and 10 percent on aluminum imports from Britain, and other nations to protect US industry.

Under the deal announced Tuesday, Britain will lift retaliatory tariffs it imposed on $500 million in American imports, including alcohol and consumer goods, the statement said.

It also stipulates that any British steel company "owned by a Chinese entity must undertake an audit of their financial records to assess influence from the People's Republic of China government," the results of which will be shared with the United States, the Commerce Department said.

The agreement followed two days of talks between US Trade Representative Katherine Tai and British International Trade Secretary Anne-Marie Trevelyan in the port city of Baltimore on the broader trade relationship.

Trevelyan also met with Raimondo to finalize the metals deal.

In a statement, Tai said the agreement "delivers on President Biden's vision to repair relationships with our allies while also helping to ensure the long-term viability of our steel and aluminum industries."