Business reporter
President Donald Trump has signed an agreement to eliminate some trade barriers between the UK and the US.
The move comes into effect for parts of the agreement agreed between the two countries last month and the tariffs on the UK cars are passed to the US.
It comes after weeks of weeks to implement parts of the contract, which protects British affairs from the influence of Trump’s tariff.
But this agreement includes 10% levy on most UK goods, including cars and is not expected to remove the fee on steel imports.
Speaking at the G7 Summit in Canada, Prime Minister Sir Keer Storm called the move to be a “very important day” for both countries.
The agreement, which was agreed early in last month, was the first time the White House was announced since it was imposed on a wide range of tariffs on various goods entering the US early this year.
Trump has increased the tax on goods entering the US in a series of Rapid-Fire announcements in an attempt to encourage businesses and customers to buy more American-made goods.
This sparked economic turmoil and warning around the world, including the UK, where car manufacturers and steel manufacturers rely on the US as an important site for exports.
Car duty
In the order signed by Trump on Monday, the US said it would allow 10% of the US to target 10% of the US, according to the rules described in May, rather than the 25% import tax imposed on all car imports earlier this year.
The order states that the US steel and aluminum will establish a similar system, but have not specified what it is.
Asked if the steel tariffs were cut to the UK, a major part of the original tariff agreement, the US president said, “We will allow you to have that information.”
The UK government has said that “it will” continue “to” continue to progress to 0% tariffs on core steel products as agreed.
The US tax on the UK imports of steel and aluminum is currently 25%.
Early this month, when Britain remains temporarily Trump declared steel tariff for doubling up to 50%.
But if the government is unable to agree to the agreement with the US by July 9, the UK may increase taxes.
According to the current rules, to qualify for exemption, the steel should be “dissolved” in an imported country.
Last year, Tata Steel stopped its explosion furnaces and was transformed into an electric furnace, which was importing steel from abroad.
“Obviously we have done some more work,” Transport Secretary Heidi Alexander told BBC.
“We are working through some technical details around the steel, because we want to bring the 25% tariff applied at this time.”
Monday’s order agreed to remove the tariffs on certain types of aerospace products.
Sir Keer said the agreement was “adapting on car tariffs and aerospace” and described the deal as a “symbol of energy” between Britain and the US.
In response to the question of future tariffs, the UK said “well protected.” “Why do you know? Because I like them,” he said.
The US-UK tariff agreement will come into effect seven days after its official announcement.
Mike Hawes, chief executive of the Society of Motor Manufacturers and Merchants, representing the UK car manufacturers, said it was “huge courage” to the sector.
He told the BBC’s Today program that the “low” exports of British cars were taken to the US as the industry waited to accept the agreement.
On Monday, JLR, a UK car manufacturer owned by India’s Tata Motors, reduced its earnings for the US in April due to tariffs.
Mr Haes said: “UK exports to the US have never been a threat to US production. Last year, we only exported 100,000 – these are small quantities, high -value goods, so it is not the type of manufactured in the US.”
The car transport to the US has already experienced 2.5% tariffs, which means that if the deal is not reached, the UK export will be taxed by 27.5%.
10% of tariffs said, “Mr Haes will give UK manufacturers some competitive edge, because their competitors are from Italy or some are from Germany, which is still subject to 27.5% of tariffs.”
Getty picturesBusiness and Business Secretary Jonathan Renolds said:
US beef exports to the UK historically subject to 20% of the quota of 1,000 tonnes. According to the rules shared last month, the UK agreed to scrap this tariff and raise the quota to 13,000 tonnes.
But the UK government has insisted that there is no weakening of food standards and that any US beef is required to meet the imported food safety requirements.
Not free-business agreement
The Minister has praised the US agreement with the European Union and India’s trade agreements.
But the US agreement is more limited than the full-fat trade agreement, which has long been discussed in Downing Street. The scope signed on Monday is more restricted than the general rules of the agreement as described last month.
Trump has previously announced that the tariff agreement is a “major trade agreement”, but it is not. The US president does not have the authority to sign free-business agreements without the approval of the Congress.
The deal has been the target of opposition parties in the UK. Conservative Party leader Kemi Badenoch has called it a “small tariff agreement.”
