Washington and London have formally concluded a trade agreement, as announced a few weeks ago. US President Donald Trump and British Prime Minister Keir Starmer signed a corresponding document on Monday at the G7 summit in Canada.
According to Starmer, six years of negotiations have led to this point. The agreement sees the US reduce its import tariff on up to 100,000 cars from the United Kingdom from 25 to 10 percent. A similar system is expected to be introduced for steel and aluminum. The export of US beef to the UK will also benefit, with the current quota of 1,000 tons set to increase to 13,000 tons and the previous 20 percent tariff abolished. However, the US demand for relaxing food standards is not expected to be met.
Following his inauguration, US President Donald Trump had announced and implemented, in part, drastic import tariffs on goods from around the world, with some later being lifted. Trump prefers to conclude trade agreements with all major states. The official goal is to reduce the US trade deficit, as the country has been importing significantly more than it exports for many years, resulting in a continuous increase in its foreign debt.