Matt Spivey and Andrew Humphrey
Mixed reaction to UK-US deal
We've been getting more reaction to yesterday's announcement of a agreement over tariffs on some goods traded between the countries, so let's bring you up-to-date with the latest.
What is the deal?
Simply put this is a tariff agreement that amends the levies the president placed earlier this year:
- Tariffs on cars exported to the US will be reduced from 27.5% to 10% - this will apply to a quota of 100,000 UK cars, almost the total the UK exported last year
- The 25% tariffs on UK steel and aluminium imported by the US are to be scrapped
- For agriculture, there will be"reciprocal market access" on beef which means that UK farmers will be given a quota for 13,000 metric tonnes of beef to be exported to the US, and the US granted the same
- A secure supply chain for pharmaceutical products will also be created, with final details to be written up in the coming weeks
- The US will have preferential access to high-quality UK aerospace components
Aside from this, the reciprocal tariff rate of 10% on the UK, which was announced in March, remains in place.
However, it’s important to remember that nothing is finalised. There are still months of negotiations and legal paperwork ahead.
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