US President Donald Trump announced a historic trade agreement with the UK’s Prime Minister Keir starmer on Thursday.
The President said that the agreement would open the UK’s economy up and bring it in line with US economic security.
The deal has not eliminated the US 10% import tariffs on goods from the UK, but it does offer other concessions in the areas of autos, planes and parts, etc.
President Obama said that final details would be written in the next few weeks but, the deal itself is “conclusive”.
Trump spoke at Washington’s Oval Office about the issue.
Trump added: “Furthermore in an historic move, the agreement includes plans to bring the United Kingdom under the US economic security alliance. It’s the first deal of this kind, so we now have a large economic security blanket, which is important. We feel comfortable because (UK) has been truly one of our greatest allies.”
Examine this “full-and-comprehensive” deal with the UK. -The tariffs of 10% on UK goods entering the US remain (so there is no relief for the taxpayers). -It does include lower tariffs for UK car and steel exports. The word “quotas” is used, so it’s essentially a trade deal.
Keir starmer joined Trump on speakerphone via UK and pointed out that the date the agreement was signed was Victory in Europe Day (VE Day), when Britain, its Allies, and Nazi Germany formally accepted unconditional surrender following almost six years in World War II.
The deal is expected to boost the trade between our two countries. The deal will create and protect jobs as well as protecting them.
Starmer stated that the timing could not be better because, “not only did Europe win the Second World War 80 years ago but on this day both the UK and US were united as the closest of allies.”
Kier Starmer, UK prime minister, praises Donald Trump’s negotiating team. “Especially Howard and Jameson, who have done an amazing job.” A professional job .”
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The main highlights of this deal are:
Tax relief on 100,000 vehicles entering the US each year
Howard Lutnick said that Trump had agreed to allow the UK to send 100,000 vehicles into America at a tariff of 10%, protecting their auto industry.
US Signs Landmark Trade Deal with UK Making Sense of Tariffs
Starmer, speaking from a Jaguar Land Rover plant, said that the agreement will reduce US tariffs for cars imported from the UK from 27,5% to 10% every year.
About 25% of the automaker’s total sales come from US markets.
Lutnick said that the UK has agreed to allow Boeing to buy Rolls Royce engine parts and that other plane components could be imported tariff-free. The UK is expected to announce soon that it plans to purchase $10 billion of Boeing aircraft. However, he didn’t reveal what airline would make this purchase.
Britain announced that the deal would also cover reciprocal access to markets for beef. UK farmers will receive a 13,000-ton tariff-free quota.
The British government has said that there will be no lowering of UK standards for food imports. This means that US hormone-treated beef won’t be allowed on the British market.
Zero tariffs on imports of UK steel
After the UK successfully negotiated the reduction of the 25% tariff to zero, UK steelmakers will be able to continue exporting their products to the US.
The Prime Minister intervened last month to seize control of British Steel in order to save thousands jobs at Scunthorpe.
Starmer said the UK had received a significant preferential treatment, regardless of what happens in future, even though there were no tariffs on pharmaceuticals.
He said, “This is also hugely important to our pharmaceutical industry.”
6) In addition, the UK will reduce the tariffs on US-produced ethanol used in the production of beer to zero.
The latest US-UK Trade Deal explained: a 10% tariff on 100,000 vehicles annually and levies on imported steel may change as the updates unfold
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