US President Donald Trump announced a ‘historic’ trade deal with the UK on Thursday evening — reducing tariffs on several items and paving the way for a $10 billion Boeing purchase. The development came after weeks of upheaval following the imposition of sweeping reciprocal tariffs against nearly all imports from more than 180 nations.
“Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day…This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED!” the POTUS wrote on Truth Social.
Trump said that American would raise $6 billion in external revenue from 10% tariffs and $5 billion in new export opportunities for “ranchers, farmers and producers” under the newly inked deal. The agreement would also help enhance the national security of both countries through the creation of an aluminium and steel trading zone and a secure pharmaceutical supply chain.
President Donald Trump has agreed to cut tariffs on UK autos, steel and aluminum as part of the yet-to-be-finalised trade deal with Britain. The agreement would also prompt the UK to buy more American beef and streamline its customs process for goods from the United States. Meanwhile US Commerce Secretary Howard Lutnick said that the UK would purchase $10 billion of Boeing planes — indicating that it was a private sector purchase. Details about the purchase remained unclear on Thursday evening with the White House graphic merely referring to $10 billion in “aircraft parts” purchase.
Lutnick said the baseline 10% tariffs would stay in place, while UK officials said that Trump’s auto tariffs would go from 27.5% to 10% on a quota of 100,000 vehicles and the import taxes on steel and aluminum would go from 25% to zero. Trump cautioned that the agreement with its preservation of a 10% tariff was not a template for other countries pursuing possible trade deals with the US.
(With inputs from agencies)
