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.
Saudi Arabia said its air defences destroyed a Houthi drone south of Mecca before it could enter prohibited airspace over the holy city, as attacks...
Uzbek President Shavkat Mirziyoyev held high-level talks in Seoul aimed at expanding South Korean investment, industrial cooperation and partnershi...
From new Asia-Europe trade routes to investment, energy and security cooperation, the Organization of Turkic States has grown far beyond its origin...
U.S. Central Command said 101 commercial vessels have been redirected in the Strait of Hormuz, while oil prices rose more than three per cent amid fresh regional attacks and supply concerns.
U.S. President Donald Trump has again said Iran is keen to reach a deal quickly, but a senior Iranian security official rejected the claim, saying Tehran will not negotiate until its conditions are met.
A Danish military helicopter came within “metres” of being struck by flares fired by a Russian warship, Denmark's Defence Minister Jeppe Bruus said on Tuesday. Russia accused Denmark of carrying out “dangerous manoeuvres” near its ship, and said it was investigating the incident.
Saudi Arabia said its air defences destroyed a Houthi drone south of Mecca before it could enter prohibited airspace over the holy city, as attacks by the Iran-aligned group deepen regional tensions.
European Commission President Ursula von der Leyen is outlining the EU's priorities in her annual State of the Union address, covering security, support for Ukraine, trade with China, migration, climate and artificial intelligence.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment