UK auto tariff cut comes into effect
LONDON: UK car manufacturers can export to the United States under a 10% tariff, a reduction from the 25% rate imposed by Donald Trump on other countries, as the first elements of an economic agreement between the US president and Prime Minister Keir Starmer come into effect.
British aerospace companies like Rolls Royce Holdings plc also saw 10% tariffs on goods, including engines and aircraft parts, slashed to zero yesterday.
However, there still remained no sign of progress towards lowering levies on the UK's beleaguered steel industry, which remain at 25% despite Britain previously announcing an agreement to reduce them to zero.
'From today, our world-class automotive and aerospace industries will see tariffs slashed,' Starmer said. — Bloomberg
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