President of the United States Donald Trump held a press conference he announced Important advances in import duties.
“This morning we are pleased to announce that we have reached a historic commercial agreement with the UK, a trustworthy country,” Trump said.
He added, to put it in context, “Today is World War II Victory Day” and “there is no more a perfect morning to achieve this historical agreement.”
«There’s a perfect climate there, but what’s really special is this agreement with one of our closest and closest allies. I would like to thank the Prime Minister and his talented team for his outstanding work and collaboration. Today’s agreement with the UK is the first of a series of commercial agreements my administration has been negotiating over the past four weeks. With this agreement, the UK has joined the United States in a statement that mutual relations and equity are essential and important principles of international trade».
President of the United States, Donald Trump.
Additionally, Trump said As the conversation progresses, there will also be a trade agreement with China..
Trump has promised that if the commercial contract and tax cuts are realized, “they should leave their shares and buy now.”
What is the agreement between the US and the UK?
According to the official data presented, The US expands access to the UK market with an estimated $5,000 million New exports will increase tariff revenue by $6,000 million.
From a tariff perspective, the UK has significantly reduced its tax on imports of American products, reducing the average tax rate from 5.1% to 1.8%. On the contrary, the US has adopted a tariff pressure approach that aims to increase tariffs on products from the UK from 3.4% to 10%, ensuring more favorable terms for export.
Among the items included are ethanol, vaccine meat, grains, fruits, vegetables, animal foods, tobacco, drinks, seafood, textiles, chemicals, machines, and more.
Additionally, certain provisions for the strategic industrial sector have been established. For steel and aluminum, a commercial association was agreed based on fees and allocations. For the pharmaceutical sector, a stable supply chain is ensured. A share of British automobile exports has also been introduced, with 10% tariffs being applied up to the 100,000 units limit. Meanwhile, the deal includes the purchase of British parts of the plane parts produced by Boeing for $11,000 million.
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