American President Donald Trump and British Prime Minister Kir Starmer announced a limited bilateral trade deal on Thursday. The deal retains 10 % of the tariffs of Trump on British exports, makes a slight expansion of agricultural reach for both countries and reduces prohibitive American tariffs on the British car exports. This deal with general terms is the first deals of dozens of tariffs. Trump says that all these deals will be completed in the coming weeks. Trump said in his office in ‘White House’ that the trade deal confirms that mutuality and fairness are an important principle of international trade and increases access to American agricultural products.
How much tariff was reduced
Trump has agreed to reduce tariffs on Britain’s auto, steel and aluminum products under this trade deal and to buy more beef (beef) to Britain from the US. Under the agreement, Britain’s tariff on auto products will be reduced from 27.5 percent to 10 percent under a quota. Whereas the import duty on steel and aluminum will decrease from 25 percent to zero.
High tariff was announced in April
The deal is an attempt to strengthen its trade relations with the US after Britain’s separation from the European Union in 2020, ie Brexit. Trump had announced to impose more customs on several countries including Britain in early April, which was postponed a few days later. Since then, the US has been engaged in completing trade agreements with various countries. Referring to Britain, the US President said, “They are opening the country. This country is slightly closed.” Trump said that the agreement increases the US goods rapidly through the UK’s customs process.
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