As a reminder, this is sort of half of a trade deal but still relevant as the details of which are now going into effect as of today. The agreement will see tariffs against UK’s automotive and aerospace sectors being reduced. From the announcement:
UK car manufacturers can now export to the US under a reduced 10% tariff quotaUK aerospace sector will have 10% tariffs on goods like engines and aircraft parts removed
For some context, the previous tariff on autos were in total 27.5%. So, that’s a positive step forward at least. And for the UK, they’d at least be able to fly under the radar for a while longer as Trump has other trade deals to settle.
The full release here.
This article was written by Justin Low at www.forexlive.com.