The UK and US have agreed a ‘historic’ trade deal that Keir Starmer has said will save thousands of jobs in the car and steel industries.
In April, US President Donald Trump announced sweeping import tariffs on all goods entering the US, a move that has been described as the biggest upheaval of the international trade order since the aftermath of the Second World War.
These ‘Liberation Day tariffs’ imposed a 10% baseline tariff on nearly all imports, with additional higher tariffs subsequently introduced for specific countries and industries.
For instance, Trump introduced a 25% levy on imported cars, serving as a blow to car makers around the world.
He also said he’d introduce a 25% tariff on all imported steel and aluminium, which would seriously impact an already struggling sector.
However, yesterday during a phone call between Trump and Starmer, a deal was struck between the two countries.
Key to the agreement is a reduction in car tariffs from 27.5% to 10%. This will apply to the first...