Britain: US Car Tariff Reduction Agreement Comes into Force
London - (Saba):
The British government announced on Monday that the trade agreement signed by US President Donald Trump and British Prime Minister Keir Starmer has come into force.
This agreement provides for the reduction of some customs duties on imports from the United Kingdom.
A government statement stated that British car manufacturers are now able to export their products to the US market with reduced customs duties of 10%, compared to the previous 27.5%.
The statement added that the 10% customs duties on goods such as aircraft engines and spare parts have been completely removed, confirming details announced earlier this month.
However, the issue of duties imposed on steel and aluminum imports from Britain remains unresolved, although London was exempted from customs duties of up to 50% imposed by the United States on other countries this month.
The British government warned that if no agreement is reached, tariff increases on British steel and aluminum could be imposed starting July 9.
The statement concluded: "We will continue to move towards the complete elimination of tariffs on essential steel products, as previously agreed."
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