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3w ago

U.S. and U.K. Announce Preliminary Trade Framework, Retaining Key Tariffs

The agreement eliminates U.S. duties on British steel and aluminium, reduces auto tariffs, and lowers U.K. trade barriers, with final details still under negotiation.

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Sir Keir Starmer and President Trump in February
British Prime Minister Keir Starmer and U.S. President Donald Trump shake hands during a joint press conference in the East Room at the White House, February 27, 2025 in Washington, D.C., U.S. Carl Court/Pool via REUTERS/File photo
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Overview

  • The U.S. will maintain a 10% baseline tariff on British imports but eliminate duties on steel and aluminium and reduce auto tariffs to 10% for the first 100,000 vehicles annually.
  • Britain agreed to lower its average tariffs from 5.1% to 1.8% and ease market access for U.S. goods, including beef, ethanol, and aerospace products.
  • President Trump and Prime Minister Starmer described the framework as a step toward a broader trade agreement, with additional negotiations planned in the coming weeks.
  • The U.K. is continuing discussions with the U.S. to address proposed 100% tariffs on films, aiming to safeguard its creative industries.
  • This is the first trade agreement announced by the U.S. since the introduction of sweeping global tariffs in April, marking a recalibration of bilateral trade relations.