The UK and US Reach Agreement to Lower Tariffs on Imported Cars
The recent announcement by the government that the UK has become the first country to agree on a deal with the US to reduce the hefty tariff increases on imported cars imposed by President Donald Trump has been met with a sense of relief in the automotive industry. However, there is still some apprehension as the specifics of the agreement remain unclear.
Under the US-UK economic prosperity deal, it was agreed that the current 27.5% tariff on UK cars imported to the US would be slashed to 10% for a maximum of 100,000 cars annually. This move is seen as a positive step towards fostering trade relations between the two countries.
Despite the positive development, industry experts are cautious as the agreement is still in its preliminary stages. The wording of the deal indicates that further negotiations will be required to finalize the specifics, with details to be ironed out “following a reasonable period of negotiation.”
