Trump keeps 10% tariffs on UK but cuts taxes on autos, steel and aluminum with trade deal

Quick Summary:

WASHINGTON—President Donald Trump agreed Thursday to cut tariffs on UK autos, steel and aluminum in a planned trade deal but played down the possibility of other nations getting similarly favorable terms on his import taxes, which are roiling the global economy.

A British government official, insisting on anonymity to discuss the talks, said the UK planned to seek greater trade liberalization as negotiations continue, such that the effective tariff rate charged by the US could be lower than the 10% baseline.

The US already runs a trade surplus with the UK, making it a bit easier to find common ground at a time when Trump has staked his tariffs on eliminating the annual trade deficits with multiple nations he says have taken advantage of the US.

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Author / Journalist: Josh Boak, Chris Megerian & Jill Lawless | The Associated Press

Category: BusinessStartups

Markets: PhilippinesCanadaChinaMexicoSwitzerlandUnited KingdomUnited States

Topics: Deal Goods President United Starmer British Talks Trade Trump Economy Tariffs

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-09 @ 13:23:43 (1 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1309 words

Reading Time: 8 minutes read

Sentences: 42 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 28518215

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