U.S. and U.K. allegedly set to declare the finalization of their trade accord. - U.S. and U.K. on the Verge of Finalizing Trade Deals
Get ready for some exciting trade news, folks! According to Trump's Truth Social platform, he's going to spill the beans on a significant trade agreement with a major, highly-esteemed nation tomorrow. Yep, you heard it right! The first of many, he calls it. A press conference is scheduled for 10:00 local time (16:00 CEST). In London town, Keir Starmer, our Prime Minister, will pipe up on the USA-UK trade negotiation progress.
Starmer has previously chatted up Trump about "productive negotiations" between these historically tight-knit countries. These two powerhouses share a special relationship, diplomatic and economical.
Statistics show that trade between these two powerhouses is quite well-balanced: Britain exported £59.3 billion (€69.7 billion) worth of goodies to the USA last year, while importing €57.1 billion from there. With numbers like that, it's no wonder they're keen to pen a deal. Trump's got his eyes set on cutting the USA's trade deficit with other nations and bringing jobs back stateside, fueled by his hefty tariffs.
Trump's slapped nearly all trading partners with a 10% minimum tariff rate. At first, he went ham on this, imposing steep surcharges on around 60 countries, but then he had a change of heart. Just a few hours after the higher tariffs took effect, Trump announced a "90-day hold" on them. The exception to this? China, who now faces a staggering 145% tariff on imports to the USA. Beijing fired back with 125% retaliatory tariffs. Representatives from both nations will be getting together in Switzerland over the weekend to chat about reuniting for negotiations.
Economist Jonathan Portes from King's College London sees this potential trade agreement as more of a "damage control maneuver" than a significant boost for the British economy. But hey, he says it will been a welcome reprieve for businesses, especially since a 25% surcharge on cars, steel, and aluminum applies to British products too. The US is a crucial market for manufacturers, after all.
Let's break down some important points about this proposed trade agreement:
- Steel and aluminum tariffs will be adjusted for the UK.
- Auto tariffs on British vehicles will be lowered from 25% to 10% for the first 100,000 vehicles exported.
- Remaining tariffs on imported goods will remain at 10%.
- In exchange, the UK will ease trade barriers on a slew of US products.
- A $10 billion purchase of Boeing airplane parts has been agreed upon.
- There's a commitment to a "secure supply chain" for pharmaceuticals.
- U.S. imports will fast-track through customs inspections.
- Some details will be worked out in future negotiations, setting the stage for a more comprehensive deal.
So, folks, buckle up! System shock is on the way, and we're in for one heck of a ride! 🎢💥💥🚀🚀 stay tuned for more updates! 🗣️👉podcast🎧📻📱💻📲🎉🎉🎉🎊🥳🧸📈📈📈 Let's get this trade party started! 💥💥🚀🚀🤝🕺💃🤘🤘🤘🤘🤘🤝🤝🤝🤝🤝
- The European Parliament, the Council, and the Commission are closely monitoring the trade deal announced by Trump with the UK, given the potential impact it might have on the EU-US trade relationship.
- In light of the pending trade agreement between the US and the UK, the European Parliament, during discussions on general-news and politics, will likely address the implications for the EU's exported goods, particularly in terms of deficit and finance.
- Businesses in the EU, heavily dependent on exports, are eagerly following the trade negotiations between the US and UK, as a successful deal could potentially derail the current business landscape.
- Negotiations regarding tariffs and trade barriers between the US and the EU could be on the horizon, as the impact of the proposed US-UK trade deal further unfolds in the realm of business and politics.
- Reports on finance, economics, and general-news will likely continue to cover the ongoing trade talks between the US, the UK, and the EU, given the potential repercussions for the European Parliament and its member states.
