UK car sales to US rise following tariff deal
Summary
Sales of British-made cars to the US increased by 6.8% in July after a new tariff deal was implemented. The deal reduced US import taxes on the first 100,000 cars from 25% to 10%. This change followed a previous announcement of higher tariffs that affected the car industry.Key Facts
- British car sales to the US rose by 6.8% in July following a tariff deal.
- Previously, the US planned to impose a 25% import tax on UK cars.
- The tariff was reduced to 10% for the first 100,000 cars shipped to the US.
- The US market accounted for 18.1% of UK car exports in July.
- The European Union accounted for 45.6% of UK car exports.
- Jaguar Land Rover paused US shipments due to the initial higher tariffs.
- July marked the second month of rising UK car manufacturing output, but overall output for the year remains down.
- Factors affecting the UK car industry include higher labor costs, increased overseas competition, and Brexit impacts.
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