US President Donald Trump announced on Thursday (May 8) that his administration had reached a business agreement with the United Kingdom – the first such agreement, because its extensive tariffs were deposited by US business partners. Trump, who spoke from an oval office, described the agreement as a “maximum” agreement that will strengthen US exports and will benefit both nations.
Key business concessions
As part of the Business Agreement, the United Kingdom will reduce the non -tariff barriers on a number of American goods, including beef, ethanol fuel, machines and chemicals. 10% of the basic tariff that Trump’s administration in general remains in place, while tariffs to British vehicles entering the US fall from 25% to 10%.
Commercial Minister Howard Lutnick emphasized economic profits during the announcement of the Office:
“We have opened a new approach to the market – Ethanol, beef, machinery, all agricultural products,” Lutnick said. “They agreed to open their markets, adding $ 5 billion to US exporters.”
Tariff shift for cars
Lutnick elaborated on the impact of the automotive sector and said, “They could send 100,000 cars to America and pay only 10% of the tariff, and this protects their automotive industry.”
“Maxed-Out” but a flexible trade
Reporters on the scope of the agreement – after the British ambassador Peter Mandelson described it as “only the starting point” – Trump insisted that the agreement was complex.
“This is the maximum agreement that we enlarge and increase it with growth,” Trump said. “Changes will take place, adjustments will be made because we are flexible … but it’s very convincing, and we think everyone will be happy.”
UK sees it as a platform
Previously, Mandelson recognized the importance of the agreement, but placed it as an opening step rather than a final success.
“The agreement provides us with a platform, a springboard, which I think will be even more valuable for both of our countries in the future,” Mandelson told reporters. He stressed: “This is not the end – it’s just the beginning. There’s more we can do in reducing tariffs and business barriers to open our markets even more than we agreed today.”
(Tagstotranslate) Donald Trump
