Trump and Starmer applaud initial major tariff agreement
Fired Up: Trump and Starmer's Explosive Trade Victory
Get ready, folks! The White House is going wild! US President Donald Trump just announced a trade pact with the UK that he calls 'a major win' for his tariff policy. Trump's all about slashing tariffs on goods, with Britain importing airplanes from Boeing and the US clearing the way for airplane parts from Rolls-Royce. So what's the big deal? Let's dive in!
Trump's been boasting about nations craving to do business with the US, and now, the first big breakthrough's here. In the press conference, Trump stated he's also aiming for a deal with the EU, despite Brussels' threat of counter-tariffs on US exports worth almost $100 billion.
For the US, this is the first significant pact with a major trade partner since April, when Trump went all-in on tariffs. The Donald hinted that there may be a wave of agreements following this one. Meanwhile, Keir Starmer, UK's Prime Minister, seems thrilled by the agreement, praising it as a 'historic day.'
The deal's not your typical free trade agreement. Instead, it focuses on specific areas, serving as a foundation for further discussions. As it stands, Britain, like most countries, has faced a 10% tariff on exports to the US. But under this new agreement, there'll be a significant reduction to 10% for 100,000 vehicles, and airplane parts from Rolls-Royce will enter the US duty-free. In return, Britain will import approximately $10 billion worth of airplanes from Boeing.
Additionally, Britain is lowering its tariffs on US goods from 5.1% to 1.8%, and tariffs on British steel and aluminum will be eliminated. The trade volume between the US and UK was around $450 billion last year, with about 70% of Britain's exports to the US being services, which aren't affected by tariffs.
Politically speaking, this deal comes at an interesting time. Starmer's facing pressure since his government lost popularity swiftly after the last election. Similarly, Trump's lost some luster due to his economic policies. A potential EU-US trade deal, which could be even more economically significant, remains on the horizon. Fingers crossed for progress at the London summit on May 19 with EU Commission President Ursula von der Leyen and EU Council President António Costa!
Rumor has it that discussions about dynamic agreements in areas like animal health and food standards might be underway, but rest assured—no chlorinated chicken or hormone-treated beef will find its way into British supermarkets! UK insists British food standards won't be compromised by the deal with the US, with half of British goods exports going to the EU.
This is great news for transatlantic relations and shows that even in the face of international disputes, deals can be struck! Let's celebrate this momentous occasion and gear up for more trade developments! 🥳🚀🇬🇧🇺🇸
- The community policy of the White House has been influenced by President Trump's decision to announce a trade pact with the UK, which is a significant win for his tariff policy.
- In contrast to Brussels' employment policy threatening counter-tariffs on US exports, the Brits appear to be quite amiable, with discussions potentially underway for a deal with the EU as well.
- While WhatsApp might not be directly involved, the impact of this announced trade agreement on the employment policies of both the US and UK could be substantial, potentially leading to increased trade volume between the two nations.
- Unlike general-news media outlets that focus on politics as a source of conflict, this trade victory between Trump and Starmer demonstrates the positive outcomes that can emerge from international agreements, serving as a beacon of hope for further developments in transatlantic relations.
