President Trump announced a trade agreement framework with the U.K., featuring increased market access for American exports, particularly in agriculture. The U.K. will reduce non-tariff barriers, while the U.S. will implement a tiered tariff system for imported cars.
Specifics will be finalized in the coming weeks. The deal aims to lower barriers for both countries, with the U.S. aiming to lower its tariffs in exchange for reduced non-tariff barriers imposed by the U.K.. The agreement includes an alternative arrangement to address Section 232 tariffs on steel and aluminum.
The agreement marks the first substantive negotiation under Trump's '90 deals in 90 days' initiative, which is falling behind schedule. Initial Liberation Day tariffs were partially rolled back after market concerns.
Other countries, like Japan, have expressed concerns regarding the tariffs and urged alternative approaches to enhance cooperation. The U.S. is seeking further concessions from China, but faces reciprocal tariffs.