UK and US strike trade deal |
Sir Keir Starmer and US President Donald Trump have hailed an "historic" trade deal between the UK and the US, which eases some, but not all, of the tariffs restrictions imposed by the US last month. The deal will see tariffs on British car exports to the US fall from 27.5% to 10%, for the first 100,000 vehicles per year; the 25% tariffs on steel and aluminium will be removed and the UK’s pharmaceutical industry has been promised "preferential treatment". British beef farmers will be allowed access to the US market and vice versa, with no reduction in food standards in the UK. Jonathan Reynolds, the Business and Trade Secretary, said the UK would continue trying to reduce the 10% baseline tariff, adding that the agreement did not include any concessions on the digital services tax, online safety laws, or the NHS. More details are being worked out and a separate deal on technology is expected to be agreed at a later date. The Telegraph points out that the deal will give the US the ability to object to Chinese investment in the UK – a clause the Tories said amounted to a "veto" over foreign investment. Unions welcomed the news, but John Denton, Secretary General of the International Chamber of Commerce, said: "The reality is that US tariffs on UK exports remain significantly higher than they were at the start of the year." This point was echoed by Tory leader Kemi Badenoch, who claimed the UK had been "shafted" by Trump. "When Labour negotiates, Britain loses. We cut our tariffs – America tripled theirs." |
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