US-UK Trade Agreement: U.S. President Donald Trump signed a trade agreement with British Prime Minister Keir Starmer on Thursday. The trade deal with the UK is the first time that President Donald Trump has imposed extensive tariffs on the country's trading partners.
“The agreement with the UK is a complete and comprehensive agreement that will strengthen the relationship between the US and the UK for many years to come,” Trump said in a truth-society position.
“Because of our long history and loyalty, it is a great honor to have the UK as our first announcement. Many other deals are in the serious negotiation stage!”
He said separately: “It should be a very exciting day for the United States of America and the United Kingdom.”
US-UK Trade Agreement
Under the terms of the deal, the U.S. agreed to lower import taxes on President Donald Trump's cars increased by 25% in April, up to 100,000 cars a year. The move will help luxury carmakers, including Rolls Royce and Jaguar Land Rover, though, quotas for setting numbers limit benefits, as lower interest rates only apply to the first hundred thousand cars imported each year.
Business Secretary Jonathan Reynolds told the BBC that in the UK, thousands of automakers are facing work risks with U.S. tariffs.
“It's very serious,” he said. “It will mean people will lose their jobs without this breakthrough.”
Steel tariffs, aluminum has also been cut
Additionally, Trump's tariffs on steel and aluminum have also been reduced to 25% earlier this year, according to official sources. The office added that the 13,000-ton quota for British farmers would be part of the “mutual visit” of the two countries’ joint decision to participate in beef exports.
The U.S. said the agreement would provide $5 billion in “opportunities” for exports, including $700 million in ethanol and $250 million in other agricultural products.
“The importance of this deal cannot be underestimated,” said Brooke Rollins, secretary of agriculture in the United States.
(with agent input)
