UK to Suspend Some Tariffs on US to Ease Trade Tensions

Britain's International Trade Secretary Liz Truss talks remotely from the Foreign Office to the U.S. Trade Representative Robert Lighthizer to begin negotiations for a trade agreement, in London on May 5, 2020. Andrew Parsons/10 Downing Street/Handout via Reuters

Stating its stance as a post-Brexit independent trading nation, the UK government announced a new two-pronged approach toward setting tariffs on the steel, aluminium, and the aerospace industry.

The UK intends to halt tariffs imposed by the EU on $4 billion of U.S. goods from Jan. 1. These tariffs were linked to the long-term dispute over illegal subsidies to the world’s two largest aircraft manufacturers, Boeing Co. and Airbus SE.