On Thursday, Prime Minister Kier Starmer announced what the government is calling a comprehensive trade agreement with the United States. The move makes the UK the first foreign power to strike a deal under Trump.
The Lowdown
Amid the ongoing trade war emerging out of the West, a trade pact has been reached between the United States and the United Kingdom. In the deal, there are numerous key points — laid out below.
The numbers
According to the agreement, the Trump imposed 25% tariff on steel and aluminum will be eliminated.
American tariffs on up to 100k British cars are expected to be reduced to 10%. This is down from the initial 27.5% rate. Last year the U.S was the biggest exporter of British cars at a whopping £9b price tag.
What else is in it
There’s more. According to the announcement, the UK’s pharmaceutical industry will be given ‘preferential treatment’ to the American market.
British beef farmers are expected to be granted new critical access to the U.S meat market. In return, U.S farmers will be given new access to the UK market.
10% baseline tariffs will remain in place though the UK will attempt to negotiate that further down.
What’s not in it
No agreements were made on changes to the digital service tax, online safety laws, or the NHS.
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