UK PM Keir Starmer claims tariffs slashed as trade deal with US takes effect

British car and aerospace manufacturers will benefit from slashed tariffs when exporting to America as the UKUS trade deal comes into effect from Monday Prime Minister Keir Starmer said as he welcomed the historic pactDowning Street claims the UK is the only country to have secured such a deal with US President Donald Trump reducing car export tariffs from 275 per cent to 10 per cent and the aerospace sector seeing the removal of 10 per cent tariffs on goods such as engines and aircraft partsOur historic trade deal with the United States delivers for British businesses and protects UK jobs said StarmerFrom today our worldclass automotive and aerospace industries will see tariffs slashed safeguarding key industries that are vital to our economy We will always act in the national interest backing British businesses and workers delivering on our Plan for Change he saidThe deal announced last month and discussed further between Starmer and Trump at the G7 Summit in Canada earlier this month is built around a quota system which the UK government claims is as simple fair and effective as possibleThe deal came soon after the IndiaUK Free Trade Agreement FTA was announced on May 6 which is now going through its legal document scrubbing to be formally signed by next month to boost bilateral trade by an estimated GBP 255 billion annually in the next decadeThis is a clear example of our Plan for Change in action cutting costs for businesses speeding up delivery of trade benefits and helping UK industries thrive in a challenging global environment said UK Business and Trade Secretary Jonathan Reynolds leading on the trade talks with the US and IndiaWe agreed this deal with the US to protect jobs and support growth in some of our most vital sectors and today were delivering on that promise for the UKs worldclass automotive and aerospace industries he saidBritish car manufacturers can now export to the US at a significantly reduced 10 per cent tariff rate down from 275 per cent and aerospace goods will see 10 per cent tariffs removed saving sectors hundreds of millions each year and safeguarding thousands of jobs the minister addedThe government reiterated that the deal makes the UK the only country to be exempt from the global tariff of 50 per cent on steel and aluminium As the Prime Minister and President Trump confirmed the trade teams will continue to work towards 0 per cent tariffs on core steel products as agreed the UKs Department for Business and Trade DBT stressedBritish industry welcomed the deal with the aerospace group ADS saying the sector hugely appreciated relaxed tariffs on goods for it to continue to focus on innovation and excellenceThe implementation of the new trading agreement between the UK and US is good news for US customers and a huge relief for the UK automotive companies that export to this critically important market said Mike Hawes Chief Executive of the UKs Society of Motor Manufacturers and Traders SMMT representing the countrys auto companies including Indianowned Tata Motors Jaguar Land Rover JLR brandsIt immediately slashes the punitive tariffs that brought the US export market to a standstill and threatened the viability of some of the most famous names in British manufacturing Securing the deal the first and so far only automotive deal in place with the administration is a diplomatic coup and provides a foundation on which to grow trade in the future said HawesThe UK government is set to update Parliament on the implementation of quotas on US beef and ethanol as part of the commitment made to the US under the trade dealThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever