Trump announces UK trade deal: Trump posted that the agreement he reached today with the UK is good for our farmers and ranchers! It's also good for the UK. Everyone benefits—that's only right!
According to the agreement, the US will maintain a 10% baseline tariff on most UK goods imported into the US, but some products will be exempted. The 25% tariff on steel and aluminum will be eliminated, and the tariff on UK cars will be reduced to 10%, with an annual cap of 100,000 units.
The UK will reduce or eliminate non-tariff barriers and expedite the customs clearance process for US goods, particularly agricultural products. It will significantly increase imports of US beef, ethanol, and other products, and negotiate a "digital services tax" for tech companies.
Trump stated in the Oval Office at the White House, "The final details" are soon to be released. We will also secure new market access for US chemicals, machinery, and many other industrial products previously not allowed entry. They will ultimately have access to products they can price themselves. If they prefer these products and we produce quality products, they will buy them, but these products were previously unavailable in the UK.
Trump said this agreement aligns the UK "with the United States in economic security," which is unprecedented. We possess strong economic security, which is very important. We feel very, very reassured because it is a great ally, indeed one of our greatest allies. I mean, many people say it’s our greatest ally.
U.S. Commerce Secretary Howard Lutnick stated that Rolls-Royce aviation engines manufactured in the UK will enter the U.S. duty-free along with other aircraft components, and the UK will soon purchase $10 billion worth of Boeing aircraft.
Source: https://www.toutiao.com/article/1831611128105984/
Disclaimer: This article represents the author's personal views.