UK and US Poised to Finalize Crucial Trade Tariff Deal

The United Kingdom stands ready to implement its portion of a significant tariff arrangement with the United States. Trade Minister Jonathan Reynolds expressed optimism for a near-term announcement from President Donald Trump to activate the deal.

The trade pact was initially agreed upon on May 8 by British Prime Minister Keir Starmer and President Trump. It involves Britain securing reduced US tariffs on its car and steel exports, while offering lowered tariffs on American beef and ethanol. The execution has faced delays due to outstanding discussions, such as the quotas on steel exports.

Reynolds emphasized that the tariff reductions must benefit the entire UK steel sector, amid US supply chain prerequisites. Meanwhile, the bioethanol sector has voiced concerns over the increased competition the deal might bring. Despite this, Reynolds pointed out that the industry's struggles predate the agreement.

(With inputs from agencies.)