UK and US Strike Trade Deal Slashing Vehicle Tariffs and Boosting Bilateral Economic Cooperation
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UK and US Strike Trade Deal Slashing Vehicle Tariffs and Boosting Bilateral Economic Cooperation
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This week brings significant news following a series of high-stakes negotiations between President Donald Trump and UK Prime Minister Keir Starmer. Just over two months after Trump’s so-called “Liberation Day” and in the midst of a global tariff escalation, the US and UK reached what Starmer has called a “historic” agreement. This deal, finalized in early May, marks the first US trade negotiation concluded in Trump’s current term.
Under the agreement, the US will reduce its tariff on British vehicles from a punishing 27.5% to 10% for up to 100,000 cars shipped annually from the UK to the US. Any British-made cars sent above this quota will still face the original higher tariff. In parallel, the 25% tariff on UK aluminum and steel is being canceled entirely, a crucial win for British industry. However, a 10% customs duty remains on all other British manufactured imports, signaling that broad market access is still somewhat restricted.
In exchange, the UK will open new markets for US goods worth $5 billion, notably increasing access for US ethanol and agricultural products like American beef. The British Prime Minister underlined that the deal is focused on protecting British jobs, especially across the automotive and steel sectors, and reaffirmed the strong alliance between the two countries. According to Le Monde, this agreement spared the UK from the full force of Trump's aggressive global tariff regime, which has roiled markets and sparked fears of global economic slowdown.
While the EU faces the threat of a 30% US tariff on its goods starting August 1, the UK's much lower rates offer a potential advantage. As Food Manufacture reports, this tariff gap could incentivize EU companies to relocate or expand facilities in the UK to retain US market access—a potential silver lining for British manufacturing capacity left underutilized since Brexit.
On the US side, tariffs are at historic highs. The Budget Lab at Yale notes the average effective US tariff rate has surged to 20.6%, the highest since 1910, with consumer prices rising over 2% in the short term as a result. While many experts, including those cited by Fortune, view these high tariffs as largely a negotiating ploy by the Trump administration, businesses are being urged to brace for ongoing disruption and volatility.
Listeners, these are turbulent times in world trade, but the latest agreement means the UK has sidestepped the worst, at least for now. We’ll keep tracking every development so you stay informed.
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