LONDON, June 30 (KUNA) -- A deal cutting import tariffs between the United States and United Kingdom, signed earlier this month, came into effect on Monday, giving British carmakers preferential access to the world's biggest consumer market.
British Department for Business and Trade statement quoted Prime Minister Keir Starmer as saying, "Our historic trade deal with the United States delivers for British businesses and protects UK jobs. From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy," As for Business and Trade Secretary Jonathan Reynolds, he stated that they agreed on this deal "protect jobs and support growth in some of our most vital sectors - and today, we're delivering on that promise for the UK's world-class automotive and aerospace industries," British car manufacturers can now export to the US at a significantly reduced 10 percent tariff rate, down from 27.5 percent and at a big advantage over international competitors, while aerospace goods will see 10 percent tariffs removed, saving sectors hundreds of millions each year and safeguarding thousands of jobs.
In return, the UK will scrap tariffs on beef and US ethanol imports, a move which the British bioethanol industry says will make it impossible for it to compete.
However, UK steel and aluminum remain subject to a 25 percent tariff, which could double to 50 percent if the UK and US do not reach a deal by deadline day on July 9.
The Prime Minister and President Trump have confirmed that they will continue to go further and make progress towards zero percent tariffs on core steel products as agreed. (end) nbs.aai