President Trump and United Kingdom Prime Minister Keir Starmer detailed the trade deal between the United States and the U.K. a month after the two trading partners announced the agreement.<\/p>\n
While at the Group of Seven (G7) summit in Canada, Trump said the agreement is \u201ca great deal for both, going to produce a lot of jobs, a lot of income,\u201d adding that he thinks there will be \u201cmany, many other ones coming\u201d when it comes to trade deals with countries.<\/p>\n
Trump opened a\u00a0folder to show the press the order on the U.S.-U.K. trade deal, which the White House later released. Several pages fell out and onto the ground, prompting Starmer to joke, \u201cVery important document.\u201d<\/p>\n
The deal includes \u201cbillions of dollars of increased market access for American exports, especially for beef, ethanol, and certain other American agricultural exports,\u201d according to the order, and includes a stipulation that the U.S. will create an annual quota of 100,000 cars for U.K. imports at a 10 percent tariff rate. The 10-percent rate is a decrease from the 25-percent rate announced on March 26, which marks a win for the British car industry.<\/p>\n
The order also stipulates that the U.K. remains committed to \u201cworking to meet American requirements on the security of the supply chains of steel and aluminum products,\u201d which would prompt the U.S. to \u201cpromptly construct a quota at most-favored-nation rates for steel and aluminum articles.\u201d<\/p>\n
Additionally, the U.S. and the U.K agreed to \u201cnegotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients\u201d that are U.K products. The two countries agreed to adopt a new approach to addressing national security concerns and Section 232 tariffs, which are a national security tariff.<\/p>\n
\u201cTo that end, the United States and the United Kingdom further committed to strengthen aerospace and aircraft manufacturing supply chains by establishing tariff-free bilateral trade in certain aerospace products,\u201d the order said.<\/p>\n