The recent US court ruling declared certain tariffs illegal, but UK's key exports like cars and steel remain heavily taxed, unchanged by the ruling. The UK has a deal to lower car tariffs to 10% and eliminate aluminum and steel tariffs, pending implementation. Industry insiders like Jaguar Land Rover lament the financial burden of existing tariffs. Meanwhile, the possibility of the US appealing the decision looms, adding uncertainty. Despite previous optimism about the trade deal, concerns persist over its tangible benefits for UK exports.
The recent ruling on tariffs has brought some uncertainty to UK exports, especially for cars, but the broader implications may not be as significant.
Sources at Jaguar Land Rover highlighted the severe financial impact of current tariffs, underscoring the urgency for the UK government to expedite tariff negotiations.
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