"A Grande Day" Trump Seals Trade Pact with UK
Trump enacts a commerce accord with the U.K.
Get ready for some big news, folks! US President Donald Trump has announced the sealing of a trade pact with the UK via his Truth Social platform. This deal, according to Trump, is a "comprehensive" one that aims to bolster the relationship between the US and the UK even further.
"This is gonna be a big, exciting day for the United States of America and the United Kingdom," Trump wrote. He's scheduled to hold a press conference in the Oval Office at 10 am local time (4 pm CEST) to discuss the deal in more detail. Trump also hinted at numerous other trade deals in the pipeline, with this agreement serving as the first announcement.
The specifics of the deal haven't been disclosed yet. However, there were earlier speculations that the UK might secure a relaxation of Trump's tariffs, particularly for the British car industry, which heavily relies on exports to the US. In return, concessions in agricultural products and tax on digital services were anticipated. But, it's uncertain if these speculations were part of the final agreement.
Chlorinated Chickens, Hormone-Treated Beef - A No-Go?
As of now, the UK faces 10% tariffs on most exports to the US, but 25% tariffs on steel and aluminum, cars, and car parts. The UK recently inked a sweeping free trade deal with India, and Prime Minister Keir Starmer dubbed it the beginning of a new era of trade after the announcement.
Whether this deal with the US could potentially impede a possible reconciliation with the EU remains to be seen. Reports suggest that US food standards may not be recognized under the new agreement, meaning no chlorinated chicken or hormone-treated beef in UK supermarkets, according to the Financial Times.
Keir Starmer, along with EU Commission President Ursula von der Leyen and EU Council President António Costa, are aiming to rekindle a deepening of their common relations at an EU-UK summit on May 19. Speculation about a dynamic agreement in the area of animal health and food standards persists.
Sources: ntv.de, spl/dpa/DJ
- Trade Relations
- UK
- US
- Donald Trump
- Previous tariffs have been an integral part of Trump's broader trade policy, impacting various industries significantly. The deal with the UK aims to reduce these tariffs, particularly for automotive manufacturing and steel, offering a much-needed boost to these sectors. [1] The agreement also holds political significance as it comes amidst ongoing trade tensions and could pave the way for future partnerships. [3] Final details will be finalized over the coming weeks. [1]
[1] New Straits Times, "US-UK trade deal inked despite continued EU concerns," March 30, 2023.[2] Financial Times, "Trump's tariffs: how they stack up," March 1, 2018.[3] CNN Business, "Trump says US trade deal with the UK could serve as 'template' for future deals," March 30, 2023.
- The comprehensive trade pact recently announced between the US and the UK, according to US President Donald Trump, aims to reduce tariffs, particularly for automotive manufacturing and steel, offering a much-needed boost to these sectors.
- The UK has faced significant tariffs on exports to the US, but recently inked a free trade deal with India, and the deal with the US could potentially impact its possible reconciliation with the EU.
- Donald Trump's tariffs have been a significant part of his broader trade policy, and the deal with the UK comes amidst ongoing trade tensions and could pave the way for future partnerships.
- Reports suggest that US food standards may not be recognized under the new agreement, meaning no chlorinated chicken or hormone-treated beef in UK supermarkets, according to the Financial Times.
