The US and UK have reached a landmark trade deal, with the UK becoming the first country to strike an agreement with the US under President Donald Trump’s tariffs. The deal eliminates or reduces tariffs on various goods, including US beef, ethanol, and other agricultural products.
A Boost for American Exports
The agreement is expected to boost American exports, with the US Commerce Secretary, Howard Lutnik, saying it will open up new markets for US farmers and producers. The deal will allow US goods worth billions of dollars to be exported to the UK with reduced or no tariffs. This includes 100,000 cars, which will be subject to a reduced tariff of 10%, down from 27.5%.
UK farmers will also benefit from the agreement, with a quota of 13,000 tons of tariff-free goods. The deal also covers steel and aluminum, with tariffs on these products being eliminated.
A Comprehensive Agreement
President Trump announced the deal from the Oval Office, saying it was a major breakthrough in trade talks between the two countries. He was joined on the call by UK Prime Minister Sir Keir Starmer. The US President said the final details of the agreement would be worked out over the coming weeks and that it would be a comprehensive deal covering chemicals, machinery, and other products.
The agreement is seen as a significant step forward in trade relations between the US and UK. It is expected to increase economic cooperation and provide new opportunities for businesses on both sides.
Some key points of the deal include:
- Tariffs on US beef, ethanol, and other agricultural products will be eliminated or reduced.
- The UK will allow 100,000 US cars to be exported with a reduced tariff of 10%.
- Tariffs on steel and aluminum will be eliminated.
- UK farmers will receive a quota of 13,000 tons of tariff-free goods.
- The deal will cover chemicals, machinery, and other products.
The source of this information is bbc.