During the G7 summit, President Trump and UK Prime Minister Sir Keir Starmer announced a new tariffs agreement, indicating some relief for the aerospace and car industries. While tariffs on aerospace are eliminated and a 10% levy imposed on cars, issues remain regarding a 25% steel tariff amidst complex negotiations. Additionally, a reciprocal beef trade deal will allow British exports to the US without altering food safety standards. However, this development is less comprehensive than expected, symbolizing Trump's unconventional approach and ongoing domestic political challenges.
This had all the hallmarks of Trumpian political theatrics. Amid the tariff turbulence coming from the White House, this is a triumph - up to a point - for Downing Street.
There is no doubt there was deep concern in the region and in government that, unless a deal was done, the job losses could be significant. The expectation is this deal will prevent that.
While UK government officials point out that Britain is the only country to be exempt from the global tariff of 50% on steel and aluminium, a 25% tariff remains.
This isn't the full fat US-UK trade deal some once envisioned - and, as ever with President Trump, it has been reached in a rather unorthodox way.
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