US-UK Trade Agreement Reached: In-depth Cooperation in Multiple Fields Such as Automobiles, Beef, and Digital Services

U.S.-U.K. Trade Agreement:

- The complete elimination of the 25% tariffs imposed by the U.S. on British steel and aluminum.

- Up to 100,000 British cars annually will be allowed into the U.S. market with a low tariff rate of 10%, while any excess will be subject to a 27.5% tariff.

- A $10 billion airline agreement has been reached between the U.K. and the U.S., involving purchases of Boeing aircraft. In return, the U.S. will exempt Rolls-Royce engines and aircraft parts from tariffs.

- The U.K. will accept 13,000 tons of high-quality American beef, while British farmers will also gain equivalent access to the U.S. market.

- British food standards will provide full protection for all imported products.

- Ethanol will enjoy zero-tariff treatment, and British machinery and agricultural products will have expanded opportunities to enter the U.S. market.

- The U.K.'s digital services tax will remain unchanged. Both sides are committed to developing a digital trade agreement to reduce paperwork for British companies exporting to the U.S.

- The U.K. will enjoy preferential treatment in future tariffs levied under Section 232 (which allows tariffs to be imposed on imports that threaten U.S. national security).

- The White House released a chart showing that U.S. tariffs on the U.K. increased from 3.4% to 10%, while U.K. tariffs on U.S. goods decreased from 5.1% to 1.8%.

Original article: https://www.toutiao.com/article/1831591877764490/

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