US President Donald Trump and British Prime Minister Keir Starmer announced a limited bilateral trade agreement on Thursday. This agreement keeps Trump’s 10% of the British export, but modestly expands the agricultural approach for both countries and lowers high American duties to British car exports, Reuters said.
Reuters report said that this “general conditions” agreement means the first of several customs shops decreasing that Trump expects to complete in the coming weeks.
Also, read: Donald Trump announces US-UK: US to reduce cars from 25% to 10%; The United Kingdom reduces barriers in the US exports
It should be noted further that these agreements come after Trump Administration introduces steep new import taxes aimed at a reduction in 1.2 trillion of US business trade.
Trump welcomed an agreement in an oval office with Starmer corrected the phone of the speakers because the secretary of the US Treasury Scott Bessnt and the Supreme Trade negotiator Jamieson Greer heads to Switzerland to start negotiations with Chinese negotiators.
He pushed against an agreement in the UK as a template for other negotiations and said that Britain had “created a good business” and that many other business partners could end with much higher final tariffs because of their major trade surpluses in the US, Reuters said.
In April Trump imposed reciprocal obligations up to 50% on goods from 57 business partners, including the European Union, stopped them a few days later to allow time to negotiate until 9 July. Until July 9, he also accumulated a new 25% of automatic import tariffs, ended all exceptions from steel and aluminum duties and strengthening and polyminus probe, and deny, and reinforce, and deny, and deny, and reinforce, and deny and deny, and deny and deny. Stospaand, and the boost, and the boost, and the boost, and the boost, and the boost, and the boost, and the boost, and the boost, and the boost and the boost.
This week Trump has added movies to the list.
“It opens up a huge market for us,” Trump told reporters, noting that he did not fully understand the limitation facing US companies in Britain, Reuters reported.
“It’s a really fantastic, historical day,” Starmer said, noting that the announcement came almost at the same hour 80 years ago when the second war ended in Europe. “This will support trade between our countries and across our countries, not only protect jobs, but also create jobs, open access to the market.”
Both leaders announced a plan as a “breakthrough agreement” that reduces the average British tariffs to US goods to 1.8% of 5.1%, but keeps 10% of the British goods tariff in place.
It opens a huge market for us.
The British-American business group has disappointed that the agreement leaves Trump’s 10% of tariffs for many products, including cars, increasing the cost of the United Kingdom exporters, Reuters said.
It is said that the agreement would be the beginning of deeper business integration in the USA-UK, including the digital economy. The agreement will provide potential new export opportunities for US producers worth $ 5 billion a year, Lutnick said, while higher tariffs would generate $ 6 billion annual income.
It’s a really fantastic, historical day.
(Tagstotranslate) USA
