The US and UK announced a framework for a trade deal yesterday, the largest step toward a potential trade agreement since President Donald Trump imposed sweeping tariffs on US trading partners. The deal, pending finalization, focuses on tariff relief for autos, steel, and select industrial goods.
The US is the UK’s largest trading partner, accounting for over 17% of annual UK trade, with total trade between the two nations valued at roughly $417B. A 10% base tariff on many UK imports will remain, but tariffs on UK car imports to the US will drop from 27.5% to 10% for up to 100,000 vehicles annually, and tariffs on UK steel and aluminum will be eliminated. In return, the UK will ease trade barriers on US beef and ethanol while keeping its digital services tax on major tech giants. See details here.
Talks with other major US trading partners—including Japan, India, South Korea, and the European Union—are ongoing, with US-China negotiations scheduled for this weekend.
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Keep it up Mr. President.