Latest news with #tariffcuts
Bloomberg
08-07-2025
- Business
- Bloomberg
Bangladesh to Push for Deeper Tariff Cuts in Talks with US
Bangladesh will hold further negotiations with the United States to push for deeper tariff cuts, even as US President Donald Trump slapped a 35% levy on goods from the South Asian nation. Officials are scheduled to hold crucial trade negotiations with the Trump administration from July 9-10 to seek a solution, Commerce Adviser to the interim government Sk. Bashir Uddin said in an interview from Washington.
Yahoo
30-06-2025
- Automotive
- Yahoo
US tariff relief for UK carmakers and aerospace comes into force
Tariff cuts for the automotive and aerospace sectors have come into force after Sir Keir Starmer finalised parts of a deal for relief from US import taxes. Car manufacturers exporting to the US will face a 10% tariff quota, down from 27.5%, while the aerospace sector will see a 10% levy removed entirely. Sir Keir hailed the 'historic trade deal' with the US, clinched after Donald Trump imposed the import taxes as part of his 'liberation day' tariffs on countries across the world. The Prime Minister and US president finalised the deal for those sectors at the G7 summit, but levies on steel have been left standing at 25% rather than falling to zero as originally agreed. Talks are ongoing to secure 0% tariffs on core steel products from the UK. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for UK steel intended for export, as well as on the 'nature of ownership' of production facilities. Sir Keir said: 'Our historic trade deal with the United States delivers for British businesses and protects UK jobs. 'From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy. 'We will always act in the national interest – backing British businesses and workers, delivering on our Plan for Change.' Business and Trade Secretary Jonathan Reynolds said the deal would save hundreds of millions each year and safeguard thousands of jobs. 'We agreed this deal with the US to protect jobs and support growth in some of our most vital sectors – and today, we're delivering on that promise for the UK's world-class automotive and aerospace industries.' Kevin Craven, head of aerospace trade association ADS, said the sector 'hugely appreciated' the efforts to reach a deal. Society of Motor Manufacturers and Traders chief executive Mike Hawes said the agreement was 'good news for US customers and a huge relief for the UK automotive companies that export to this critically important market'. The Government is also due to update Parliament on Monday on ethanol and quotas on US beef. Under the deal, it was agreed that a 20% tariff on US beef imports to the UK be removed and the quota for US beef raised to 13,000 metric tonnes. A 19% tariff on ethanol imports from the US is also due to be removed, with a tariff-free quota of 1.4 billion litres of US ethanol applied. The bioethanol industry says the deal has made it impossible to compete with heavily subsidised American products. The UK's largest bioethanol plant warned last week that it could be weeks from stopping production. Hull-based Vivergo Fuels said the start of talks with the Government was a 'positive signal' but that it was simultaneously beginning consultation with staff to wind down the plant. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
30-06-2025
- Automotive
- Yahoo
US tariff relief for UK carmakers and aerospace comes into force
Tariff cuts for the automotive and aerospace sectors have come into force after Sir Keir Starmer finalised parts of a deal for relief from US import taxes. Car manufacturers exporting to the US will face a 10% tariff quota, down from 27.5%, while the aerospace sector will see a 10% levy removed entirely. Sir Keir hailed the 'historic trade deal' with the US, clinched after Donald Trump imposed the import taxes as part of his 'liberation day' tariffs on countries across the world. The Prime Minister and US president finalised the deal for those sectors at the G7 summit, but levies on steel have been left standing at 25% rather than falling to zero as originally agreed. Talks are ongoing to secure 0% tariffs on core steel products from the UK. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for UK steel intended for export, as well as on the 'nature of ownership' of production facilities. Sir Keir said: 'Our historic trade deal with the United States delivers for British businesses and protects UK jobs. 'From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy. 'We will always act in the national interest – backing British businesses and workers, delivering on our Plan for Change.' Business and Trade Secretary Jonathan Reynolds said the deal would save hundreds of millions each year and safeguard thousands of jobs. 'We agreed this deal with the US to protect jobs and support growth in some of our most vital sectors – and today, we're delivering on that promise for the UK's world-class automotive and aerospace industries.' Kevin Craven, head of aerospace trade association ADS, said the sector 'hugely appreciated' the efforts to reach a deal. Society of Motor Manufacturers and Traders chief executive Mike Hawes said the agreement was 'good news for US customers and a huge relief for the UK automotive companies that export to this critically important market'. The Government is also due to update Parliament on Monday on ethanol and quotas on US beef. Under the deal, it was agreed that a 20% tariff on US beef imports to the UK be removed and the quota for US beef raised to 13,000 metric tonnes. A 19% tariff on ethanol imports from the US is also due to be removed, with a tariff-free quota of 1.4 billion litres of US ethanol applied. The bioethanol industry says the deal has made it impossible to compete with heavily subsidised American products. The UK's largest bioethanol plant warned last week that it could be weeks from stopping production. Hull-based Vivergo Fuels said the start of talks with the Government was a 'positive signal' but that it was simultaneously beginning consultation with staff to wind down the plant.
The Independent
30-06-2025
- Automotive
- The Independent
US tariff relief for UK carmakers and aerospace comes into force
Tariff cuts for the automotive and aerospace sectors have come into force after Sir Keir Starmer finalised parts of a deal for relief from US import taxes. Car manufacturers exporting to the US will face a 10% tariff quota, down from 27.5%, while the aerospace sector will see a 10% levy removed entirely. Sir Keir hailed the 'historic trade deal' with the US, clinched after Donald Trump imposed the import taxes as part of his 'liberation day' tariffs on countries across the world. The Prime Minister and US president finalised the deal for those sectors at the G7 summit, but levies on steel have been left standing at 25% rather than falling to zero as originally agreed. Talks are ongoing to secure 0% tariffs on core steel products from the UK. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for UK steel intended for export, as well as on the 'nature of ownership' of production facilities. Sir Keir said: 'Our historic trade deal with the United States delivers for British businesses and protects UK jobs. 'From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy. 'We will always act in the national interest – backing British businesses and workers, delivering on our Plan for Change.' Business and Trade Secretary Jonathan Reynolds said the deal would save hundreds of millions each year and safeguard thousands of jobs. 'We agreed this deal with the US to protect jobs and support growth in some of our most vital sectors – and today, we're delivering on that promise for the UK's world-class automotive and aerospace industries.' Kevin Craven, head of aerospace trade association ADS, said the sector 'hugely appreciated' the efforts to reach a deal. Society of Motor Manufacturers and Traders chief executive Mike Hawes said the agreement was 'good news for US customers and a huge relief for the UK automotive companies that export to this critically important market'. The Government is also due to update Parliament on Monday on ethanol and quotas on US beef. Under the deal, it was agreed that a 20% tariff on US beef imports to the UK be removed and the quota for US beef raised to 13,000 metric tonnes. A 19% tariff on ethanol imports from the US is also due to be removed, with a tariff-free quota of 1.4 billion litres of US ethanol applied. The bioethanol industry says the deal has made it impossible to compete with heavily subsidised American products. The UK's largest bioethanol plant warned last week that it could be weeks from stopping production. Hull-based Vivergo Fuels said the start of talks with the Government was a 'positive signal' but that it was simultaneously beginning consultation with staff to wind down the plant.
South China Morning Post
11-06-2025
- Business
- South China Morning Post
China-US agree to ‘done deal', Trump says, pending sign-off by President Xi
China and the US have agreed to 'a done deal' including tariff cuts, rare earth exports from China, as well as Chinese students going to colleges in the US, President Donald Trump said on Wednesday, pointing to a potential breakthrough aimed at cooling trade tensions that had been reignited by mutual accusations of deal violations. Advertisement 'Our deal with China is done, subject to final approval with President Xi and me,' Trump posted on his social media platform Truth Social, as the negotiating teams from the two countries concluded talks in London from the past two days. 'Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). 'We are getting a total of 55 per cent tariffs, China is getting 10 per cent. Relationship is excellent! Thank you for your attention to this matter!' Trump's latest post followed a rocky stretch in bilateral ties, marked by a fraying trust between the world's two largest economies. But a phone call between President Xi Jinping and US President Donald Trump last week helped fuel a sense of cautious optimism ahead of the London talks. Advertisement
