In a significant development for international trade, President Trump and Britain's Prime Minister Keir Starmer announced the finalization of a trade agreement that will lower tariffs on British automobiles, steel, aluminum, and aerospace components. This announcement, made during the G7 summit in Canada, marks a pivotal step in the ongoing efforts to bolster trade ties between the two nations.
Trump and Starmer Finalize Trade Agreement to Reduce Tariffs on UK Goods
Trump and Starmer Finalize Trade Agreement to Reduce Tariffs on UK Goods
The leaders confirmed their deal during the G7 summit in Canada, aiming to enhance trade relations.
President Trump, accompanying Prime Minister Starmer, signed an executive order that immediately reduced U.S. tariffs on British cars from 25% to 10%. The order also facilitates tariff-free entry for a set quantity of British steel and aluminum into the U.S. market. Additionally, tariffs on certain aircraft parts will be reduced, which officials in the UK asserts will positively impact British aerospace manufacturers.
Speaking to reporters, Trump praised Starmer’s effective negotiating prowess, stating that he achieved in a short period what others had failed to accomplish over six years of discussions. Starmer responded by emphasizing the importance of the day and the benefits this agreement would bring.
The White House has indicated that while the overarching agreement was reached, the Commerce Department still needs to establish a quota defining the amount of British steel eligible for tariff-free entry into the U.S. Despite Trump recently imposing a 50% tariff on all foreign steel products, he refrained from confirming whether tariffs on British steel will ultimately be removed, suggesting more information will follow.
Speaking to reporters, Trump praised Starmer’s effective negotiating prowess, stating that he achieved in a short period what others had failed to accomplish over six years of discussions. Starmer responded by emphasizing the importance of the day and the benefits this agreement would bring.
The White House has indicated that while the overarching agreement was reached, the Commerce Department still needs to establish a quota defining the amount of British steel eligible for tariff-free entry into the U.S. Despite Trump recently imposing a 50% tariff on all foreign steel products, he refrained from confirming whether tariffs on British steel will ultimately be removed, suggesting more information will follow.
