UK achieves tariffs reduction during G7 summit
(MENAFN) At the G7 summit in Canada on Tuesday, the United Kingdom achieved notable tariff reductions as part of a newly finalized trade agreement with the United States. The pact, signed by UK Prime Minister Keir Starmer and US President Donald Trump, represents one of the most important economic arrangements between the two nations in recent years.
Following initial discussions in May, the deal offers immediate advantages for critical British sectors such as automotive and aerospace. However, it stops short of addressing the ongoing disputes related to steel tariffs.
Before leaving the summit earlier than scheduled, President Trump enacted an executive order that legally enforces major elements of the agreement. He remarked, “Britain would have protection against future tariffs because I like them.”
Among the key benefits, UK car exports to the US will now be subject to a tariff of just 10%, a steep decline from the previous rate of 27.5%. The aerospace industry stands to gain even more, with tariffs on products like aircraft engines and components being completely removed.
According to an official statement from the UK government, “for the first time, the US has committed to reducing tariffs on UK aerospace goods such as engines and similar aircraft parts from the general 10% tariff being applied to all other countries, which is expected to come into force by the end of the month.”
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