Trade Agreement Reducing US Tariffs on UK Auto and Aircraft Parts Takes Effect

According to a report by Jinse Finance, the UK government announced on Monday that the trade agreement signed by US President Trump and UK Prime Minister Starmer, which reduces certain tariffs on goods imported from the UK, has come into effect. The statement reiterated details announced earlier in June, stating that UK car manufacturers can now export vehicles to the US under a 10% tariff quota, compared to the previous rate of 27.5%. In addition, the current 10% tariff imposed by the US on UK products such as aircraft engines and aircraft parts has been completely eliminated. However, the issue of steel and aluminum tariffs remains unresolved. The UK has avoided the steel and aluminum tariffs of up to 50% that the US imposed on other countries earlier this month, but unless an agreement is reached, the UK may face higher tariffs starting July 9. The UK added in the statement, "We will continue to move forward and make progress towards imposing a 0% tariff on core steel products as agreed."