Trump announces trade deal with UK, cutting tariffs on autos, steel and aluminum – PBS News
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Excerpt:
The U.S. president talked up the agreement to reporters from the Oval Office, even as the fine print remains in flux despite his prior statements that a full agreement was signed
“The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.”
The president said that the agreement would lead to more beef and ethanol exports to the U.K., which would also streamline the processing of U.S. goods though customs. Commerce Secretary Howard Lutnick said the baseline 10 percent tariffs would stay in place, while U.K. officials said that Trump’s auto tariffs would go from 27.5 percent to 10 percent on a quota of 100,000 vehicles and the import taxes on steel and aluminum would go from 25 percent to zero.
Trump cautioned that the agreement with its preservation of a 10 percent tariff was not a template for other countries pursuing possible trade deals with the U.S. He said he intends to charge higher rates on other countries as part of any agreement — a sign that the import taxes could stay in place in ways that economists warn would reduce economic growth.