UK, US Reach Tariff-Reducing Trade Deal, says telegraph uk

The UK and US have agreed to a trade deal that reduces tariffs on certain goods traded between the countries, with the US reducing tariffs on cars exported from the UK from 27.5% to 10% and scrapping tariffs on UK steel and aluminum imports.

The deal, announced by US President Donald Trump and British Prime Minister Keir Starmer, establishes a secure supply chain for pharmaceutical products and grants the US preferential access to high-quality UK aerospace components. The agreement also creates $5 billion in new annual export opportunities for American producers and $6 billion in new US revenue. Britain has agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods.

The deal has received a mixed reaction from businesses, with some welcoming the agreement while others have expressed concerns about the lack of clarity and the potential impact on food standards. Treasury Minister Darren Jones has described the deal as a "huge relief", while Shadow Trade Secretary Andrew Griffith has called it "disappointing" and urged for a more comprehensive agreement. Economists have also weighed in, saying the deal will have a limited impact on the UK economy.

The agreement includes new reciprocal market access on beef and allows duty-free imports for Rolls-Royce jet engines. Britain is expected to announce a purchase of $10 billion worth of US-assembled Boeing aircraft. The deal is seen as a breakthrough for the US and Britain, but experts have expressed concerns about its potential impact on the UK's food industry, particularly regarding the use of growth hormones and antimicrobial washes.

The trade deal is part of the US's efforts to negotiate trade agreements with its partners, following Trump's imposition of tariffs on trading partners in January. The deal with the UK is seen as a significant step in the US's efforts to de-escalate its trade war with other countries, and is expected to be followed by more deals with other countries.