East Midlands Chamber has given its reaction after President Trump revealed details of a trade deal between the US and UK.
Key points outlined in the US-UK tariff deal include:
- Steel and aluminium tariffs reduced to zero
- Car export tariffs reduced from 27.5% to 10% (applied to the first 100, 000 vehicles exported)
- “Preferential treatment” on pharmaceuticals
- Protections on agriculture
East Midlands Chamber Head of International Trade Lucy Granger said: “After such a protracted time of uncertainty, businesses will welcome this step forward to ensure continuation of smooth trading with the US, especially the automotive industry and those exporting steel or aluminium.
“While this agreement is welcome, ongoing discussion must still take place as we still have 10% tariffs on exports, we’re in a weaker position than we were a year ago and we need more detail on pharmaceuticals, agriculture and other sectors, so building on this agreement and improving the deal is still needed. Political leaders must not close the book on this – they should be continuing negotiation.
“The Chamber stands ready to support and advise businesses on international trade, protection of foreign exchange and I’d urge firms to get in touch so we can advise accordingly.”
