The recently signed preliminary trade agreement between the US and the UK significantly lowers tariffs on British cars and steel, while allowing US farmers greater access to the UK market. The agreement reduces the tariff on British cars from 27.5% to 10% for the first 100,000 vehicles. However, it is not the major deal promised by Trump, as it will still require extensive negotiations and Congressional approval. Concerns have been raised by the UK's farming union regarding the potential disadvantages to local farmers due to the relaxed tariffs on US agricultural products.
The UK agreed to cut the tariff on US ethanol to zero, while US farmers will gain access to the UK market for the first time.
However, British farmers are concerned that reduced tariffs on US beef and ethanol could put them at a disadvantage in their own market.
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