The US-EU trade deal in numbers - how it compares to UK deal
Summary
The United States and the European Union reached a trade agreement that stops the US from putting a 30% tax on goods from Europe but adds a 15% tax instead. The UK has a separate trade deal with the US featuring a lower 10% tax on goods, which some see as more favorable because of the lower rate. However, there are many details and uncertainties in both agreements that make direct comparisons difficult.Key Facts
- The US will not impose a previously threatened 30% import tax on EU goods but will apply a new 15% tax instead.
- The UK has a trade deal with the US that features a 10% tariff on exported goods.
- The UK agreement allows exporting up to 100,000 cars yearly at the 10% rate; any extra cars face a 25% tax.
- In 2024, the EU exported about 758,000 cars to the US, much more than the UK’s exports of around 100,000 cars.
- Details about how tariffs will apply to products like steel and pharmaceuticals remain unclear.
- Currently, UK steel exports to the US face a 25% tariff, lower than the global standard rate of 50%.
- US and UK officials are in talks to potentially lower or remove tariffs on UK steel within certain limits.
- The text of the new US-EU trade agreement has not been released, adding to the uncertainty of specific terms.
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