Trade Deal reached between U.K and United States

First Trade deal agreed between U.S. and U.K.

President Donald Trump and British Prime Minister Keir Starmer on May 8 unveiled the broad outline of a new trade agreement hailed by Trump as a “great deal for both countries.”
It was the first trade deal announced after Trump imposed sweeping tariffs on nearly all countries on April 2.

• The British government confirmed that the trade pact will involve various levy reductions on UK exports to the United States.
• Twenty-five percent tariffs implemented on British steel will be lowered to zero percent, and tariffs on some UK-made automobiles will be reduced from 27.5 percent to 10 percent.
• Once a deal is finalized, U.S. officials will work on an alternative agreement for the Section 232 tariffs on British-made vehicles.
• Under this arrangement, British automakers will be provided a quota of 100,000 cars per year shipped to the U.S. market at the lower tariff rate.
• Any vehicle that exceeds the quota would be subjected to a 25 percent levy.
• Commerce Secretary Howard Lutnick said British companies can export plane parts to the United States tariff-free.
• In exchange for this concession, a British airline will purchase $10 billion worth of Boeing airplanes.

Read the Epoch Times