Here's a breakdown of how the ease of the tariff between US and UK might affect

What happened?
The U.S. and U.K. agree on a deal to ease 500,000 metric tons of steel annually to be imported duty free, with higher amounts subject to tariffs, starting June 1.

The U.K. also will end retaliatory tariffs on more than $500 million worth of U.S. exports, including distilled spirits, agriculture products, and consumer goods.

Despite vastly adjusted on local economies and trade imbalances, tariffs also have some adverse effects. Tariffs cause the deflection of trade and economic activities to inefficient producers. In addition, consumers pay more after tariffs and such conflict of benefits are created.

The competition between some U.S. steel manufacturing giants and British steel manufacturing giants is intensifying, then lead to a price war may crack down initiative of U.S. manufacturing giants.

According to the Distilled Spirits Council, due to the imposition of 25% tariffs on American whiskey exported to the EU, the amount of exports on American whiskey has plunged 37% from US$702 million in 2018 to US$440 million in 2020. A positive turn may come with an increase of market shares to U.S. distillers.

A positive turn may come with an increase of market shares to U.S. agriculture industry due to similar reason.