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Trump keeps 10% tariffs on U.K. but cuts taxes on British autos, steel and aluminum with trade deal

Today, May 8, 2025, the United States (U.S.) and United Kingdom (U.K.) announced a limited bilateral trade agreement.

The deal will keep the 10% U.S. tariff on most U.K. goods but reduce tariffs on British autos, steel and aluminum. The U.K. agreed to buy more American beef and ethanol and reduce tariffs on 2,500 U.S. products such as olive oil, wine and sports equipment, bringing down the average tariff rate 1.8%.

Please visit this news article for more information: https://www.ctvnews.ca/world/trumps-tariffs/article/trump-agrees-to-cut-tariffs-on-uk-autos-steel-and-aluminum-in-a-planned-trade-deal-with-britain/

 

 

Topic(s)

Trade Agreements

Information source

Canadian News Channel
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