The UK has reached a first-of-a-kind trade agreement with the United States of America, to cut tariffs and provide stability for UK companies exporting to the US. The reduction in tariffs will benefit key sectors including car manufacturing and supply chains, steel and aluminium. Car export tariffs will reduce from 27.5% to 10% for a quota of 100,000 UK cars, almost the total the UK exported last year.
The steel tariff has been reduced from 25% to zero. This follows last month’s intervention from the Government to save Scunthorpe Steelworks.
The tariff on ethanol – which is used in some sections of the UK manufacturing sector - coming into the UK from the US, has been reduced to zero.
Work will continue on other sectors – such as pharmaceuticals and remaining reciprocal tariffs. The deal also opens the way to a future UK US technology partnership which will see collaboration in key areas of advanced technology, for example biotech, life sciences, quantum computing, nuclear fusion, aerospace and space.
Made in Britain will be hosting an online session in July on exporting to the US. Details are to follow and will be posted on our export support page. For more information related to trade and exports, to the US or any other country, please email trade@madeinbritain.org.