China Gets a Warning With U.S.-U.K. Tariff Deal, Raimondo Says
- U.S. and allies will confront subsidies, Commerce chief says
- Easing of duties may help supply chains amid high inflation
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A key clause in the U.S.-U.K. agreement to ease tariffs on British steel and aluminum sends a warning to China about its policy of subsidizing producers, President Joe Biden’s commerce chief said.
The agreement announced Tuesday, which will allow steel up to a certain level to be imported into the U.S. duty-free, includes a provision that any British steel company owned by a Chinese entity must undergo an audit of financial records to assess influence from China’s government and share the results with the U.S.