International Trade Update The US and EU reached a deal for the US to lift the risk of tariffs on EU steel and aluminium exports late last week. Both sides also launched a Global Sustainable Steel Arrangement which they are inviting other countries to join. The arrangement is a joint commitment by the EU and US to use trade policy to confront climate change and global market distortions. The Department for International Trade (DIT) welcomed the tariffs deal but did not comment on the Arrangement. The BCC will engage with DIT on its approach to the Arrangement and its implications for UK manufacturers. DIT has announced that it will be taking new powers to call-in certain transition review decisions on trade remedies taken by the Trade Remedies Authority (TRA). This will not apply to new decisions taken, only to transition review decisions. It follows the controversy over the decisions taken on trade remedies applicable to steel in June. DIT is still considering the case for a wider review of the TRA’s remit. The BCC will monitor this situation carefully given issues with raw material costs currently being faced by businesses. BCC’s Head of Trade Policy William Bain gave evidence last week to the House of Lords European Affairs Committee on the operation of the UK-EU Trade and Co-operation Agreement (TCA). William described the position faced by SMEs and others as “very challenging” across a range of issues from rules of origin compliance to VAT to agri-food exports to CE marking to labour mobility. Photo Credit: Pixabay/Chamber Canva Pro 2022
