US-UK Trade Deal: A New Era of Tariff Reductions
The United States and Britain have reached a trade agreement, reducing tariffs on cars, steel, and agricultural products. The deal includes a significant cut in tariffs for British cars and steel exports, along with enhanced market access for agricultural goods. Further negotiations will address pharmaceuticals and additional tariffs.
The United States and Britain have forged a new trade agreement that promises to lower tariffs on various goods, including cars and steel, while providing enhanced access to agricultural markets for both nations.
Under the deal, tariffs on British-made cars are set to decrease from 27.5% to 10%, with a quota of 100,000 vehicles annually. Additionally, British steel exports will benefit from reduced tariffs, dropping from 25% to zero.
The agreement also introduces reciprocal market access for beef and removes tariffs on U.S. ethanol imports to Britain. Future discussions aim to cover pharmaceutical trade and other remaining tariffs, with preferential treatment for the UK in future U.S. tariff decisions.
(With inputs from agencies.)
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