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The sins of the father paid for in aerospace, steel tariffs

Regardless of whether the U.K. leaves the EU or not, and whether it is a "no-deal" Brexit or not, the country's importers will continue to be bound by antidumping and retaliatory duties applied by other countries resulting from the actions of prior British - and foreign - administrations.

For example, the U.S. already applied tariffs under the section 232 program and three other cases to $599 million of British steel exports in the 12 months to Aug. 31. Furthermore U.K. exporters have been caught in the EU-U.S. aerospace subsidy case.

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Panjiva's analysis shows these were worth an aggregate $2.25 billion in the 12 months to Aug. 31, or 3.6% of total British exports to the U.S.

The largest product group covered by the tariff list is whiskey, which alone accounted for 12.4% of the total, or $1.75 billion of exports to the U.S. from the U.K. in the 12 months to Aug. 31. Panjiva's seaborne data shows the largest seaborne shipper of whiskey was Diageo with 31.2% of shipments associated with the firm in the 12 months to Sept. 31. That was followed by Pernod Ricard with 19.3% and Bacardi with 15.8% of shipments over the same period.

After whiskey and aerospace the next largest category covered was self-propelled construction diggers worth $120 million - shipments of which include those by JCB, Hitachi's Millar, Sandvik and Caterpillar.

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While, as flagged by Congressional Research Service, the administration of President Donald Trump is supportive of Brexit conceptually and has started negotiations to formulate a new trade deal it's unlikely that existing tariffs will be removed before a full trade deal is completed.

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