Starting today, British car and aerospace manufacturers will benefit from significant tariff reductions when exporting to the United States, thanks to the implementation of a landmark UK-US trade agreement. This move is expected to safeguard thousands of jobs in the United Kingdom.
The UK is the only nation to have secured such a deal with the US, lowering car export tariffs from 27.5% to 10%. This reduction will save manufacturers hundreds of millions of pounds annually and help protect hundreds of thousands of jobs across the sector.
Meanwhile, the aerospace industry will see the elimination of 10% tariffs on key exports such as engines and aircraft components. This change will enhance the competitiveness of firms like Rolls-Royce and support their continued leadership in innovation.
These developments represent a major success for both industries, strengthening the global competitiveness of UK manufacturers, protecting British jobs, and reinforcing the UK’s reputation for innovation and excellence.
"Our historic trade deal with the United States delivers for British businesses and protects UK jobs. From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy," - stated UK Prime Minister Keir Starmer.
"These changes are a huge win for both sectors and will help ensure UK manufacturers remain globally competitive, protect British jobs and continue to lead in innovation and excellence," he added.
The UK is the only country to be exempt from the global tariff of 50% on steel and aluminium.
As the Prime Minister and President Donald Trump have again confirmed, "We will continue, go further and make progress towards 0% tariffs on core steel products as agreed," the British statement added.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th July, covering the latest developments you need to know.
Russian authorities said 11 people, including four children, had been killed by Ukraine in an overnight attack on a holiday camp, accusing Kyiv on Saturday of deliberately targeting civilians.
The U.S. military said it completed a fresh wave of strikes on Iran late on Thursday, marking the 13th consecutive night of American attacks. The latest operation lasted more than two hours, according to U.S. Central Command.
Spain has declared a national emergency and evacuated more than 10,000 people after uncontrolled wildfires reached the outskirts of Madrid. Emergency crews have rescued residents as multiple blazes continue to spread across the region.
Six candidates vying to become the next United Nations Secretary-General have called for restoring the organisation's credibility, strengthening multilateralism and reforming the UN, during the first public town hall debate ahead of a decisive Security Council vote next week.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
Apple is closing in on Nvidia's position as the world's most valuable publicly traded company, as investors increasingly bet the iPhone maker can turn artificial intelligence into sustained earnings growth.
AI-powered shopping assistant Phia has been accused of using "cookie stuffing" to claim affiliate commissions for purchases it did not generate, according to a Bloomberg investigation. The company says the issue has now been resolved.
The UK government has nationalised British Steel, taking full ownership of the country's only primary steelmaker from its Chinese owners to safeguard the future of the UK's steel industry.
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