UK-US Trade Deal Slashes Tariffs, Boosts Automotive and Aerospace Exports
The UK-US trade deal reduces tariffs on British automotive and aerospace exports to the US. This historic agreement, welcomed by Prime Minister Keir Starmer, aims to safeguard UK jobs and cut costs for businesses. The agreement makes the UK the only country benefiting from such reduced US tariffs.
- Country:
- United Kingdom
In a historic move, the UK and the US have entered a trade deal that promises significant benefits for the British automotive and aerospace industries. Prime Minister Keir Starmer hailed the agreement as a critical step in safeguarding jobs and supporting British businesses.
The deal slashes tariffs for British car exports to the US from 27.5% to 10%, while tariffs on aerospace goods such as engines and aircraft parts have been entirely removed. This is the first agreement of its kind with the US, reflecting a solid diplomatic relationship as noted by UK Business and Trade Secretary Jonathan Reynolds.
Industry response has been overwhelmingly positive, with Mike Hawes from the Society of Motor Manufacturers and Traders saying the agreement breathes new life into British exports to the US. The government emphasizes the deal's role in bolstering the economy amid global challenges.
(With inputs from agencies.)
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