UK-US trade deal: Here’s what changes today

London-The UK’s trade agreement comes into play on Monday, giving a preferential rate rate to British cars imported into America, while questions persist on the final samples on metal exports from the United Kingdom.

Back in MayThe United Kingdom has become the first country to negotiate a trade agreement with the United States since the chief of the White House, Donald Trump, revealed his so-called reciprocal rates a month earlier. The terms of the agreement are in force on June 30.

Under the agreement, a coverage rate of 10% now applies to British goods imported into the United States.

He will also see the first 100,000 vehicles sold from the United Kingdom in the United States each year subject to a rate of 10%. Any other vehicle sent to the United States will receive an import right of 25%.

According to numbers From the influence of automotive trade, the Society of Motor Manufacturers and Traders (SMMT), around 102,000 cars made in Britain were exported to the United States last year.

The United States has a Trade a surplus on goods With Great Britain, which means that it exports more to the United Kingdom than it does. Cars are the The largest export in the United Kingdom In the United States, the United States emerging as the best British car buyer in the world. Last year, 27.4% of all British car exports were dispatched to America.

The 10-25% tariff range is highly lower than the 50% gif about vehicle imported in the United States from other business partners.

The British agreement with the United States will also remove the tasks of the British aerospace sector.

But London is still working to reduce prices on key industrial metals.

While Great Britain is the only nation that currently has a price rate of 25% preferential On its exports of steel and aluminum to the United States, compared to 50% larger for other American trade partners, the two nations spoke of reducing prices on British Steel to 0%. The United States is the fourth largest export market for British iron and steel.

The British government said On Monday, “we will continue to go further and progress to 0% prices on basic steel products and agreed”.

Also on Monday, British Prime Minister Keir Starmer presented the “historic” trade agreement as an agreement that “protected the key industries that are vital for our economy” and protect jobs.

Mike Hawes, CEO of SMMT, said on Monday that the agreement was “a huge relief for British automotive companies that export to this extremely important market”.

“He immediately reduced the punitive rates that brought the American export market and threatened the viability of some of the most famous names in British manufacturing,” he said in a statement.