The US president unveiled details of a trade agreement with the United Kingdom that offers relief for key UK industries from some of the Trump's tariffs. But a 10% duty on most UK goods will remain.

London

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The United States has announced details of a trade agreement with the United Kingdom, aimed at providing tariff relief for key UK industries. Under the agreement, the import tax on UK cars, previously set at 27.5%, will be reduced to 10% for the first 100,000 cars shipped to the US annually. After reaching this threshold, the higher tariff rate will apply. The US is the largest export market for British automobiles, representing a quarter of UK auto exports in the last year.

Jaguar Land Rover, a major British car manufacturer, is expected to resume shipments to the US after a temporary halt. The deal also eliminates levies on British steel and aluminum exports to the United States. In exchange for these concessions, the UK will grant increased market access to American exports, particularly in the agricultural sector. This includes expanded opportunities for American beef, ethanol, and a broad array of US-produced goods. Additionally, American machinery, chemicals, and other industrial products will benefit from reduced barriers to the UK market.

UK Prime Minister Keir Starmer participated in the trade agreement announcement remotely. The agreement is intended to boost trade between the two countries and aims to protect and create jobs by expanding market access. While most UK residents reportedly welcome the tariff relief, concerns remain about ongoing economic uncertainty and the durability of the agreement.

The US currently has a trade surplus of approximately $12 billion with the UK, which reportedly facilitated the negotiations. The Trump administration also confirmed it is negotiating similar agreements with India, South Korea, and Japan. Talks between US and Chinese officials are scheduled to take place in Switzerland.



Trump trade deal offers tariff relief for some UK industries

Some relief for Britain's car makers. The import tax on UK cars, which Trump set at 27.5%, will be lowered to 10% for the first 100,000 cars per year. After that, the higher tariff sets in. The US is the largest destination for British automobiles, accounting for a quarter of UK auto exports last year. It's welcome news for Jaguar Land Rover workers. The British car manufacturer is expected to resume shipments to the US soon, after halting for a month. Additionally, levies on British steel and aluminum will be reduced to zero. In return, the UK has to open up some of their markets. The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol and virtually all of the products produced by our great farmers. American machinery, chemicals and other industrial US products will also gain easier access to the UK market, according to the deal. UK Prime Minister Keir Starmer participated in the event remotely by phone. This is going to boost trade between and across our countries. It's going to not only protect jobs, but create jobs, opening market access. Most Britons welcome the limited US-UK tariff deal, but fear the agreement will not get rid of economic uncertainty. I think it's moving in the right direction, albeit Trump's probably not the one person we want to be working with based on principles and ethics, but I think financially and economically it makes sense. When you have somebody who has that much power who wakes up every morning and changes his mind, I don't have any kind of concrete thoughts on it because tomorrow might be something different again. Unlike many of its major trading partners, the United States has a trading surplus with Britain to the tune of some $12 billion, which made the negotiations easier. The Trump administration says it is in active negotiations with India, South Korea and Japan. US and Chinese officials are due to hold talks in Switzerland on Saturday.

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