Action: On May 8, the UK and US announced they had reached an agreement that would form the basis of a trade deal. While many details about the agreement have not yet been released, a Commerce Department press release indicates that the deal would remove barriers for US exports of agriculture products (including beef, fruit, vegetables, and tobacco) valued at $5 billion. For example, the deal eliminates existing 20% tariffs on US beef. In return, the US will allow imports of up to 100,000 UK vehicles at a 10% tariff rate before increasing to the 25% tariff the Administration has established for vehicle imports. UK steel and aluminum would also be exempt from the 25% tariffs the US has imposed on imports of those products. A White House fact sheet also stated that the US and UK had agreed to a “union” for steel and aluminum and secure supply chain for pharmaceutical products, though additional details were unavailable. Press reports indicate that the US would exempt UK jet engines from tariffs while the UK would purchase $10 billion in Boeing planes. Importantly, the previously announced 10% blanket tariffs on UK goods will remain in place for items not otherwise affected by the agreement.Key Insights
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