President Trump and United Kingdom Prime Minister Keir Starmer detailed the trade deal between the United States and the U.K. a month after the two trading partners announced the agreement.
While at the Group of Seven (G7) summit in Canada, Trump said the agreement is “a great deal for both, going to produce a lot of jobs, a lot of income,” adding that he thinks there will be “many, many other ones coming” when it comes to trade deals with countries.
Trump opened a folder to show the press the order on the U.S.-U.K. trade deal, which the White House later released. Several pages fell out and onto the ground, prompting Starmer to joke, “Very important document.”
The deal includes “billions of dollars of increased market access for American exports, especially for beef, ethanol, and certain other American agricultural exports,” according to the order, and includes a stipulation that the U.S. will create an annual quota of 100,000 cars for U.K. imports at a 10 percent tariff rate. The 10-percent rate is a decrease from the 25-percent rate announced on March 26, which marks a win for the British car industry.
The order also stipulates that the U.K. remains committed to “working to meet American requirements on the security of the supply chains of steel and aluminum products,” which would prompt the U.S. to “promptly construct a quota at most-favored-nation rates for steel and aluminum articles.”
Additionally, the U.S. and the U.K agreed to “negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients” that are U.K products. The two countries agreed to adopt a new approach to addressing national security concerns and Section 232 tariffs, which are a national security tariff.
“To that end, the United States and the United Kingdom further committed to strengthen aerospace and aircraft manufacturing supply chains by establishing tariff-free bilateral trade in certain aerospace products,” the order said.
Trump first announced the agreement in early May, and although it was in the works before Trump imposed tariffs on trading partners, it was considered the first deal during the 90-day pause on hefty tariffs.
The administration has been working toward making agreements with other trading partners before the July 8 deadline, but Treasury Department Secretary Scott Bessent suggested in testimony to lawmakers on Capitol Hill last week that the date could have some wiggle room for certain countries.
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