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"US and UK expected to announce deal to reduce tariffs" - UPDATE [1]
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Date: 2025-05-07
Trump teased a “major trade deal” to be announced on Thursday. He did not say which country was involved, though he said it was “A BIG, AND HIGHLY RESPECTED, COUNTRY.”
The BBC is reporting said country is the United Kingdom.
The US and the UK are expected to announce a deal to reduce tariffs on Thursday. The UK government has been seeking an agreement to lower tariffs since President Donald Trump imposed them on almost every country in the world last month.
Despite the overblown promises, they don’t seem to expect it to be very big.
For all the fanfare from the American president, and the relief it may bring some sectors, this is far from what we have traditionally thought of as a trade deal. Rather it will be a carve-out - some exemptions from some the of trade barriers that president Trump has imposed in recent weeks. We expect there to be focus on reducing the extra tariffs areas such as the car industry and steelmakers face, and also perhaps on avoiding penalties for the pharmaceutical areas.
Still, it sounds like this being viewed as a win for Keir Starmer. He worked out a deal with India, too, which Conservatives wanted but never got.
UPDATE: Sounds like there are still details to be worked out, but AP is reporting the deal will cut tariffs on cars from 27.5% to 10% and eliminate tariffs on steel and aluminum.
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