US-UK trade deal live: A ‘huge relief’, treasury minister Darren Jones says, as businesses call for more clarity

We have been getting extra response to yesterday’s announcement of a settlement over tariffs on some items traded between the international locations, so let’s convey you recent with the most recent.

What’s the deal?

Merely put this can be a tariff settlement that amends the levies
the president positioned earlier this yr:

• Tariffs
  on automobiles exported to the US will likely be decreased from 27.5% to 10% – this may
  apply to a quota of 100,000 UK automobiles, nearly the entire the UK exported final
  yr
• The
  25% tariffs on UK metal and aluminium imported by the US are to be
  scrapped
• For
  agriculture, there will likely be“reciprocal market
  entry” on beef which signifies that UK farmers will likely be given a
  quota for 13,000 metric tonnes of beef to be exported to the US, and the
  US granted the identical
• A safe
  provide chain for pharmaceutical merchandise may also be created, with ultimate
  particulars to be written up within the coming weeks
• The
  US can have preferential entry to high-quality UK
  aerospace elements

Apart from this, the reciprocal tariff price of 10% on the
UK, which was introduced in March, stays in place.

Nevertheless, it’s necessary to do not forget that nothing is
finalised. There are nonetheless months of negotiations and authorized paperwork forward.

What response has there been this morning?

Chancellor Rachel Reeves described it as a “good deal”
and Treasury Minister Darren Jones mentioned that 150,000 jobs had been “protected” however that the federal government would “continue to negotiate in other sectors”.

Shadow commerce secretary Andrew Griffith accepted that there
are some “good elements” to the deal however mentioned “total it’s fairly
disappointing,” including {that a} extra “comprehensive” settlement is required to develop
the UK financial system.

British Airways‘ father or mother firm introduced it had
purchased 32 new Boeing planes from the US alongside 21 from European producer Airbus

Liam Bates, from stainless metal producer Marcegaglia, mentioned the announcement was “very
important”, however provides that it might “be good to get more clarity”

Farmers have additionally had a blended response to the
deal, with one Surrey beef farmer sharing his considerations that “US [beef imports]
may very well be of decrease high quality”

We’re closing this web page for now, however you’ll be able to learn evaluation from our political
editor Chris Mason and political
correspondent Damian Grammaticas’ and extra concerning the deal right here: US-UK agree deal slashing Trump tariffs on automobiles and metals.