The majority of UK goods entering the US are still subject to President Donald Trump’s general 10% tariffs on imports from nations worldwide.
However, the agreement has lowered or eliminated tariffs on a number of UK exports, such as steel, aluminum, and automobiles.
Here is a quick overview of the terms of the agreement.
It’s not a trade agreement.
Trump said this announcement would be a “major trade deal” on social media, but it isn’t.
Congress has the power to sign the kind of free-trade agreement that India and the UK negotiated earlier this week; he does not.
A trade agreement would require congressional approval, which would take more time than the current 90-day suspension on certain of Trump’s tariffs.
