Overview

• U.S. car duties drop from 27.5% to a preferential 10% rate under a 100,000-unit annual quota covering models such as Jaguar, Range Rover and Aston Martin.
• A 10% U.S. tariff on British aerospace imports, including jet engines and aircraft parts, has been eliminated to boost competitiveness for firms like Rolls-Royce.
• The UK has scrapped 20% tariffs on U.S. beef and 19% ethanol levies while raising tariff-free quotas to 13,000 tons of beef and 370 million gallons of ethanol per year.
• Britain now enjoys the lowest baseline 10% goods tariff of any major U.S. trading partner under the Economic Prosperity agreement.
• Officials aim to conclude talks for a permanent repeal of 25% duties on UK steel and aluminum before a waiver expires on July 9.