Washington DC [US], May 9 (ANI): US President Donald Trump on Thursday secured trade deal with UK Prime Minister Keir Starmer.
Trump made the announcement from the Oval Office today during a televised phone call with Starmer.
The trade agreement with the United Kingdom is US’s first since President Donald Trump imposed sweeping tariffs on the country’s trading partners.
“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” Trump said in a Truth Social post.
“Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!”
“This should be a very big and exciting day for the United States of America and the United Kingdom,” he said in a separate message.
“Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day. As part of this Deal, America will raise $6 BILLION DOLLARS in External Revenue from 10% Tariffs, $5 BILLION DOLLARS in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the U.S. and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS.” Trump’s Truth Social post read.
“Today’s announcement is a historic deal and sets the tone for other trading partners to achieve reciprocal trade with the United States,” the office of the US trade representative said.
The historic US-UK Agreement in Principle to negotiate an Economic Prosperity Deal is lowering tariffs, removing trade barriers, increasing market access, and strengthening cooperation on economic security, it said in a statement.
Under the deal, the United Kingdom will reduce non-tariff barriers to US. products, including beef, ethanol fuel, machinery and chemicals, Trump said.
The 10 per cent baseline tariff that the US has placed on dozens of countries will remain in place, while duties on British vehicles will fall from 25 per cent to 10 per cent to match that baseline, the US commerce secretary Howard Lutnick said.
“We’ve opened up new market access, ethanol, beef, machinery, all the agricultural products. They’ve agreed to open their markets, and that will add USD 5 billion of opportunity to American exporters,” he said.
UK will still be under the 10 per cent baseline tariff that Trump has applied to dozens of countries. However, tariffs on vehicles will fall from 25 per cent to 10 per cent to match that baseline.
Starmer took to X to post, “Today I’ve secured a deal with the US that boosts British businesses and saves thousands of British jobs. I promised to protect British car makers and save our steel. This deal delivers on that promise. And British workers, families, and firms will feel the benefit.”
Later he also posted on X, “Last month, I promised workers at Jaguar Land Rover that I would protect their jobs. I kept that promise.”
As per a report in the CNN, Britain will also be able to send 100,000 cars into the United States at a 10 oer cent tariff rate, reduced from the 25 per cent autos tariffs Trump imposed on foreign cars, Lutnick announced.
The UK will also join the US in imposing 25 per cent tariffs on foreign steel and aluminum, creating a joint tariff agreement that will create a free trade zone for those metals between the two countries. Pharmaceuticals will also be exempt from tariffs between the two countries.
Trump’s “reciprocal” tariffs that went into effect April 7 and were paused for 90 days on April 9 affect dozens of countries. A hundred or so more are subject to the 10 per cent universal tariff, CNN reported.
Meanwhile, the US President also indicated that he could be open to lowering tariffs on China and on trade with the European Union he said, “we intend to make a deal with Europe.”
Further Trump said that he plans to announce a replacement for Ed Martin, a loyalist whom he had nominated as the US attorney for Washington, DC. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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