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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 anti-dumping 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. 30. 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 is unlikely that existing tariffs will be removed before a full trade deal is completed.

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