US and UK Announce Trade Agreement, but 10% Reciprocal Tariff Will Remain in Place
On May 8th, Trump announced at the White House that the US and UK have reached a new trade agreement. According to the content released by the White House, the UK will reduce or eliminate some non-tariff barriers under this agreement, expanding market access for American beef, ethanol, grains, and certain industrial products.
The UK also issued a statement saying that both sides will mutually reduce tariffs. The US will remove the tariffs on British steel and aluminum products, while the car tariff from the UK to the US will be reduced from the current 27.5% to 10%.
Nevertheless, the 10% "reciprocal tariff" previously imposed by the US on the UK will still remain. Overall, this agreement remains at a framework level, with specific terms yet to be clarified.
Original article: https://www.toutiao.com/article/1831611461071872/
Disclaimer: This article represents only the views of the author.