UK and US Forge Landmark Trade Deal: Tariff Reductions Boost Automotive and Aerospace Sectors Amid Ongoing Challenges
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UK and US Forge Landmark Trade Deal: Tariff Reductions Boost Automotive and Aerospace Sectors Amid Ongoing Challenges
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Earlier this year, President Trump imposed a 10% blanket tariff on all countries starting April 2, a move branded as addressing unfair trade practices and protecting American workers. This was dubbed “Liberation Day” and marked a new era of aggressive tariff policy out of Washington. In response, Prime Minister Starmer carefully steered the UK away from retaliatory action, instead pursuing intensive negotiations with the US administration. According to the White House, this led to the May signing of the General Terms of the US-UK Economic Prosperity Deal, hailed by both leaders as historic.
Under the terms now coming into force, the UK secured major tariff reductions for key industries. For British car exports, tariffs dropping from the previous 27.5% to a much more competitive 10% represent a dramatic and immediate cost saving—ministers estimate this will save hundreds of millions of pounds a year and support hundreds of thousands of jobs in UK automotive manufacturing. The aerospace sector also benefits, with a removal of the 10% tariff on engines and aircraft parts, a boon for firms like Rolls Royce, which have been under pressure in recent years. The Independent reports that these gains are being widely celebrated by British industry and are expected to strengthen job numbers and competitiveness.
However, not all sectors are seeing relief. Despite the earlier US-UK deal providing for reduced steel and aluminum duties, British steel remains subject to punishing 25% tariffs for the foreseeable future. This unresolved issue coincides with ongoing efforts to stabilize Britain’s domestic steel sector, including emergency parliamentary action to protect the Scunthorpe blast furnaces earlier this month. The White House signaled that further negotiations could produce more favorable terms, but for now, UK steel is among the industries continuing to bear the brunt of Trump-era tariffs.
Meanwhile, the average effective US tariff rate across all goods stands at 15.8% according to analysis by Yale’s Budget Lab, with economists warning that these broad-based tariffs have already pushed consumer prices up by 1.5%, translating to substantial household income losses across both sides of the Atlantic.
Listeners, it’s clear that while this week marks a significant turning point for UK-US trade, the full impact of these tariff changes will play out in boardrooms, factories, and households for months to come. Stay tuned for updates as further negotiations unfold and new sector-specific provisions are negotiated.
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