Around £550m worth of UK exports will be exempt from tariffs originally imposed as a result of a row over subsidies to aerospace companies Boeing and Airbus in 2018. The measures followed a unilateral decision by the UK to suspend tariffs against the US from January 1.
This measure will come into force on Monday March 8, backdated to March 4.
Industries highlighted by the Government to benefit included the Yorkshire pork producers who exported £38m worth of product before the tariffs and £45m worth of cheese exports – £4m of which was stilton cheese.
Hit to whisky exports
Scotch whisky took the largest hit, with the US importing around £340m of goods before the tariffs were imposed.
Prime minister Boris Johnson said the agreement will benefit both the UK and the US and proved the UK’s worth as an independent trading nation, able to strike its own deals that support businesses and free trade.
International trade secretary Liz Truss added: “This is Global Britain in action: securing new opportunities as a newly nimble nation. Today’s agreement shows that both the UK and the US are determined to work together to build back better and take our trading relationship to new heights.”
The UK will continue to engage with the US to agree a fair settlement to the dispute that permanently removes punitive tariffs and works for the whole of the UK. The Government reserves the right to re-impose tariffs at any point if satisfactory progress towards an agreeable settlement is not made.