Overview

• The US and UK reached a preliminary trade agreement, cutting tariffs on British autos to 10% for the first 100,000 vehicles and eliminating tariffs on UK steel and aluminum.
• The deal preserves the 10% baseline tariff imposed by the US in April on most UK goods, a point of contention for critics in Britain.
• In return, the UK has opened its markets to US agricultural exports, including $700 million in ethanol and $250 million in beef, creating a $5 billion opportunity for American producers.
• President Trump and Prime Minister Keir Starmer hailed the agreement as a step forward, though final details are still being negotiated and critics argue the UK made significant concessions.
• The US-China trade talks, set to begin May 10 in Switzerland, aim to address the economic strain caused by the recent escalation in tariffs, signaling a broader effort to stabilize global trade.