Latest news with #UKexports
The Independent
30-06-2025
- Automotive
- The Independent
Starmer and Trump's historic trade deal comes into effect
A historic trade deal between Sir Keir Starmer and Donald Trump has officially come into effect today, eight weeks after its initial announcement. The agreement slashes tariffs on UK car exports to the US from 27.5 per cent to 10 per cent and removes 10 per cent tariffs on aerospace goods. This implementation is expected to save hundreds of millions of pounds annually and support hundreds of thousands of UK jobs, benefiting sectors like automotive and aerospace. Despite the broad tariff reductions, a 25 per cent levy on British steel remains in place, with negotiations ongoing for its removal. The prime minister welcomed the deal as beneficial for British businesses and jobs, while Trump praised Sir Keir for securing the agreement.
Bloomberg
30-06-2025
- Automotive
- Bloomberg
US-UK Auto Tariff Cut Comes Into Effect but No Progress on Steel
UK car manufacturers can export to the US under a 10% tariff starting Monday, 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 as of 5:01 a.m. London time. However, there still remained no sign of progress toward lowering levies on the UK's beleaguered steel industry, which remain at 25% despite Britain previously announcing an agreement to reduce them to zero.
Times
17-06-2025
- Automotive
- Times
As Starmer and Trump agree a trade deal, what about steel?
The optics of Sir Keir Starmer scrabbling around at President Trump's feet to quite literally pick up the pieces of Britain's trade deal with the United States were far from ideal. But the scene was also a fitting visual metaphor for an agreement that was negotiated in haste and is, even now, still a work in progress. The good news for the UK is that the executive order signed by Trump on Monday will 'operationalise' parts of the agreement, including reducing the present 27.5 per cent American tariff on cars to 10 per cent for the first 100,000 vehicles shipped from the UK each year. This will be particularly welcomed by key UK exporters, such as Jaguar Land Rover, for whom the US is a major market. The company had been concerned about delays in implementing the agreement. The deal will also ensure that UK exports of jet engines and aerospace components to the US are spared from American tariffs. This confirms that the UK will be exempt from any levies emerging from a US national security probe that Trump has launched into the industry. However, Trump's declaration — 'We just signed it and it's done' — shortly after meeting Starmer, is not entirely accurate. That's because the executive order is silent on tariff-free UK exports of steel and aluminium, an issue agreed in principle last month but not yet implemented. UK officials said that 'technical and legal' issues were continuing to delay the confirmation of a quota that would allow British exporters to avoid the 25 per cent global steel tariff imposed by Trump on national security grounds. Industry figures do not expect a deal to be signed until the end of the month at the earliest — and even that timeline is subject to further delay. There are real concerns that the deal could exclude Tata Steel, Britain's biggest steel manufacturer, which exports more than $100 million worth of goods to the US annually. That's because the company shut down its blast furnace at Port Talbot last year as part of a three-year transition to a new, greener electric arc furnace at the site. In the interim, Tata is importing semi-finished steel from its sister companies in India and the Netherlands for finishing in the UK before shipping it to customers — including in the United States. However, this may fall foul of strict US import rules requiring that all steel be 'melted and poured' in the country of origin to qualify for tariff exemptions — potentially putting it outside the scope of the trade deal. British negotiators have been pushing for a carve-out for Tata, but the issue remains unresolved — and is the main reason the metals provision was omitted from Trump's executive order. The UK side remains optimistic a solution will be found. Starmer himself said he was 'really pleased' that the UK was the only country to have secured any kind of trade deal with the US. Yet the image may still prove prescient: even if the deal is fully implemented, the UK's trading terms with the United States will remain worse than they were before Trump came into office.
NHK
17-06-2025
- Automotive
- NHK
US, UK sign trade deal at G7 summit
US President Donald Trump and British Prime Minister Keir Starmer signed a trade agreement at the Group of Seven summit in Canada on Monday. The deal was reached following bilateral negotiations on US tariffs in May. It includes increased access to British markets for US exports and the United Kingdom's reduction or elimination of non-tariff barriers against the United States. Up to 100,000 UK-made automobiles a year will be subject to a 10 percent tariff, which includes the existing levy. Trump told reporters on Monday, "It's a fair deal for both. And it produces a lot of jobs, a lot of income." For UK-produced steel and aluminum products, the agreement calls for introducing a "tariff-rate quota" or reducing the tariffs to a low level. But no details were included, and discussions will reportedly continue.
Bloomberg
16-06-2025
- Business
- Bloomberg
Starmer, Trump Agree to Implement Tariff-Cutting Trade Deal
Prime Minister Keir Starmer reached an agreement with US President Donald Trump to implement trading terms disclosed last month to slash US tariffs on key British exports and raise UK quotas on certain American agricultural products. Trump and Starmer on Monday presented a document signed at the Group of Seven meeting in Kananaskis, Canada, agreeing to move forward on measures easing trade of cars, agricultural and aerospace products — but falling short of an immediate ease of steel tariffs, a key British ask.
