U.S., UK Reach New Section 232 Agreement

Dan Corn, Exports/Imports, Field Crops

Section 232 agreement
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The U.S. and United Kingdom reached a new Section 232 agreement last week regarding steel and aluminum imports from the UK. That’s good news for America’s farmers because the 25 percent retaliatory tariff on U.S. corn was zeroed out, allowing U.S. corn farmers to renew their trading relationship with Britain.

“This agreement will provide opportunities to expand free and fair trade and strengthen our relationship with a great ally,” says U.S. Grains Council President and CEO Ryan LeGrand. “This agreement lifts the retaliatory tariffs on more than $500 million of U.S. products, including corn.”

USGC also says this is a great opportunity because the UK is the fifth-largest economy but produces less than 60 percent of its food needs. That makes it a potentially lucrative market for U.S. agriculture and feed grains in particular.

“This is vital for global economic development and the profitability of U.S. agriculture,” LeGrand adds. The agreement is effective June 1.

(From the National Association of Farm Broadcasters)