A new UK-US trade deal has come into effect today (June 30), with the agreement making the UK the only country exempt from the US’ 50% global tariff on steel and aluminium.
However, steel and aluminium will still face a 25% tariff, which could double if a deal is not agreed between the two nations by July 9, according to the BBC.
The UK Government also confirmed that Prime Minister Kier Starmer, and US President Donald Trump, are committed to making progress towards a 0% tariff on core steel products.
The Prime Minister said: “Our historic trade deal with the United States delivers for British businesses and protects UK jobs."
The agreement will also see the reduction of the car export tariff from 27.5% to 10% and the removal of the 10% on aerospace products such as engines
The Prime Minister added: From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy."
Source: gov.uk
