US-Britain reach trade deal - Pact includes tariffs on cars, steel and agricultural exports
The US and the UK have announced a trade deal, the first secured under the Trump administration. "The final details are being worked out," US President Donald Trump told reporters. "In the coming weeks, we'll have everything very final."
The quickly negotiated agreement is not a broad trade pact, but instead focuses on specific sectors, easing trade barriers on agricultural products, automobiles, aluminum and steel. Although Trump is referring to the progress as a “full and comprehensive” agreement, experts express doubts. For a full trade agreement to be brokered, Congress must first give its approval.
Both President Donald Trump and Prime Minister Keir Starmer stressed the strong relationship between the two countries, bound by shared values, culture and a common language. One concession from the US is the removal of a 25% tax on steel and aluminium from the UK, which Trump imposed on all foreign imports of these metals on March 12.
The UK does not ship a large amount of steel and aluminium to the US, although it does ship many products containing them, which are also affected by the tariffs. The US market buys 9% of UK steel exports by value and 7% by volume, according to UK Steel. In 2024, the UK exported 180,000 tonnes of semi-finished and finished steel to the US, worth €436.5m.
President Trump also said the United States would increase exports of beef and ethanol to Britain, which would be expedited through customs. These imports have historically been restricted due to concerns over added growth hormones.
"The deal includes billions of dollars in increased market access for American exports, particularly in agriculture, significantly increasing access for American beef, ethanol and virtually all the products produced by our great farmers," Trump said. A tariff on UK cars entering the US will also be reduced for British manufacturers, from 27.5% to 10%. This applies to a quota of 100,000 British cars.
According to the Office for National Statistics, British car exports to the US amounted to around €10.6 billion last year, accounting for 27.4% of total vehicle exports. "This deal means that US tariffs will now be reduced from 27.5%, to 10% per 100,000 vehicles each year," Starmer added.
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