Big news! The United States and the United Kingdom reached a historic trade agreement, and tariff adjustments sparked controversy
On the 8th local time, Trump announced at the White House that the United States and the United Kingdom reached a new trade agreement, withdrawing tariffs in specific areas and expanding market access for both sides' products. White House documents show that the first 100,000 cars exported by the United Kingdom to the United States each year will be taxed at an additional rate of 10%, and the excess will be 25%; the United Kingdom will reduce non-tariff barriers and expand market access for products such as American beef.
The British government stated that tariffs on British steel and aluminum products exported to the United States will be abolished, automobile tariffs will be reduced from 27.5% to 10%, some agricultural products will be zero tariff within quotas, and tariffs on ethanol imported from the United States will be zero. However, the United States' 10% "reciprocal tariff" remains.
British Prime Minister Starmer said the agreement is good for the United Kingdom and defended his relationship with Trump; Trump emphasized that the agreement embodies the principle of fairness and will significantly increase the export of American agricultural products, and even called the agreement "historic." However, the three major Detroit auto groups accused the agreement of damaging the US auto industry. Capital Economics pointed out that the details of the agreement were vague, and the US Department of Commerce turned its attention to Asian powers to seek new trade agreements.
