10 minutes ago
- Copy link
US President Donald Trump on Monday signed an agreement to reduce the import tariff on Britain. The agreement was reached with the British PM Kir Starmer during the G7 Summit in Canada.
The agreement has reduced tariffs on Britain’s automobiles. British cars will get a quota of 1 lakh cars with 10% tariffs in the US, which is less than 25% tariffs of other countries.
In addition, the tariff on the UK aerospace has been completely removed. However, the issue of steel and aluminum has not yet agreed. The US will put quota on steel and aluminum imports from Britain, but Britain will have to prove its supply and production security.
Trump described it as a great agreement, but accidentally called it a compromise with the European Union, later clarified that it was with Britain. Starmer described it as a symbol of strong relations for the two countries.
Britain’s Trade Minister Jonathan Reynolds said the agreement will be implemented soon and the two countries have agreed to the trade of 13,000 tonnes of beef, but the US Import will have to meet Britain’s strict food security standards.
The agreement will be applicable seven days after being published in the Federal Register. The two countries will continue to work on other industries such as medicines for better compromises.
,
Read updates of 16 June here …