STARMER AND PRESIDENT TRUMP CONFIRM SIGNED TRADE DEAL-Trump says the trade agreement with the EU is a fair deal
U.S. President Donald Trump signed an agreement formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal.
The deal, announced by Trump and British Prime Minister Keir Starmer on the sidelines of the G7 Summit in Canada, reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the U.K. aerospace sector, but the issue of steel and aluminium remains unresolved.
Other critical industries, such as pharmaceuticals, were not mentioned.
Trump said the relationship with Britain was “fantastic,” as he waved, and then briefly dropped a document that he said he had just signed.
“We signed it and it’s done,” he said.
Starmer called it “a very good day for both of our countries, a real sign of strength”
The U.S. intends to impose a quota on steel and aluminium imports from the United Kingdom that would be exempt from 25% tariffs, but it is conditioned upon Britain’s demonstrating security on steel supply chains and production facilities, according to an executive order released by the White House.
The quota level will be set by Commerce Secretary Howard Lutnick, the White House said.
Britain had avoided tariffs of up to 50% on steel and aluminium that the U.S. imposed on other countries earlier this month, but it could have faced elevated tariffs starting July 9 unless a deal to implement the tariff reduction was reached.
The two leaders reaffirmed a plan to give British carmakers an annual quota of 100,000 cars that can be sent to the United States at a 10% tariff rate, less than the 25% rates other countries face.
The plan will go in effect seven days after it is published in the Federal Register, the White House said.
The agreement also eliminates tariffs on the UK aerospace industry, including parts and planes, according to the executive order.
Britain was the first country to agree on a deal for lower tariffs from Trump, with the U.S. reducing tariffs on imports of UK cars, aluminium and steel, and Britain agreeing to lower tariffs on U.S. beef and ethanol.
