Speaking in the House of Commons Chamber on Monday 2nd March 2020 during a statement on UK/US Trade. The Rt Hon Dr Liam Fox MP said:
Dr Liam Fox (North Somerset) (Con)
I congratulate my right hon. Friend on her statement. Will she confirm not only that UK exports to the United States currently attract half a billion pounds-worth of tariffs, the removal of which will be an immediate boost to the UK economy, but that the opportunities are even greater? We are currently involved in retaliatory tariffs as a result of the EU-US steel dispute and we are subject to tariffs that the US never wanted to apply to the UK. As we separate ourselves from the European Union, we can remove ourselves from the ensnarement of that, which will enable us to remove many other tariffs, which would be beneficial to both consumers and businesses on both sides of the Atlantic.
Elizabeth Truss
My right hon. Friend is absolutely right. May I thank him for the work that he put in as Trade Secretary, which has got us to this point where we are able to launch these negotiating objectives, and for doing all the fantastic work that he did with our colleagues in the United States? I know the Labour party does not seem to think that tariffs are important, but that is not so for a pottery manufacturer in Stoke-on-Trent who is facing 28% tariffs on their dinnerware going into the US. If we get those tariffs removed, that will mean that that factory is able to employ more people, grow its business and invest. Yet again, that is the Labour party refusing to understand how enterprise works and where wealth comes from in this country.
My right hon. Friend is right about the steel industry. It is currently facing £300 million-worth of tariffs a year. If we can get those tariffs removed, that provides a brilliant opportunity for our steel industry to sell more products in the United States.
ENDS