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Timely insights from the Economy, Strategy & Finance Center
Last week the US announced the general terms of its “United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal” while the leaders of both nations attended the Group of Seven (G7) summit in Canada. The agreement lowers US tariffs on imports of British automobiles and aerospace equipment, with tariffs around steel and aluminum goods potentially being reduced, pending UK actions related to securing its steel supply chain.
Why it matters: The US-UK agreement was initially announced in May, with the UK being the first country the US struck a deal with after the April 2 “Liberation Day” and subsequent 90-day reduction of tariffs. However, details of what was to be included in the US-UK trade pact were unclear during that initial announcement.
Other than China—for which US tariffs had escalated to 145% for a time this spring—the UK is the only economy that the US has announced coming to a trade agreement with, which is still largely considered a framework and not a final pact. This comes at a time of increasing geopolitical uncertainty and the escalation of conflicts globally. The pause on the “Liberation Day” tariffs—which brought most imported goods down to a 10% tariff level—end
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