It is clear, and thereby we have our trade agreement, said Trump to reporters on Monday evening in connection with the signing, which took place at the G7 meeting in Canada.
This now implements a really important agreement for car tariffs and the aviation industry, noted Starmer at the same time.
The agreement means, among other things, reduced tariffs on cars, aircraft engines and agricultural products. On the other hand, the agreement does not yet include tariffs on steel and negotiations on this important area for the United Kingdom are ongoing.
The two leaders left no further details and did not say when the new tariff levels will come into force.
A British authority source says that the US import tariffs on steel will remain at 25 percent for the time being, reports Bloomberg. The US is said to have agreed to exempt British steel up to a certain quota that has not yet been determined.
Already in May, Starmer and Trump agreed on a preliminary framework agreement. In it, the US agreed to scrap the steel tariffs from 25 to 0 percent. The tariffs on the first 100,000 vehicles per year would be reduced from 27.5 percent to 10 percent. In return, the United Kingdom promised to increase the duty-free quotas on American beef and ethanol.
The steel agreement has been the subject of American doubts due to Chinese ownership of British Steel. While the British government has taken effective control of the steel giant, the legal owner is still the Chinese Jingye Group.
