What could be in the UK-US tariff deal?
Summary
The US and the UK are expected to announce a new deal to reduce tariffs, which are taxes on imported goods. This deal will likely lower the tariffs on certain UK exports to the US, like cars, steel, and aluminum, but it is not a full trade agreement. Some tariffs, particularly the 10% on most imports, will stay the same for now.Key Facts
- The deal is expected to reduce tariffs on certain UK exports but not eliminate them entirely.
- The UK exports cars to the US, worth about £9 billion annually, and the deal might lower the current 25% tariff on cars or introduce a quota system.
- Steel and aluminum exports from the UK face a 25% tariff in the US, which could be adjusted by the new deal.
- Pharmaceutical exports are a major part of UK trade with the US, valued at £6.6 billion, but changes to tariffs on these products are not clear yet.
- Unlike a full trade agreement, this deal mainly focuses on reducing specific tariffs and requires further negotiations.
- Both countries still face tariffs of 10% on most goods exchanged between them.
- Any significant trade agreement requires approval from the US Congress, which is not part of this announcement.
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