G7 Leaders' Summit kicks off in Canada as UK and US finalize key trade deal

The 51st G7 Leaders' Summit kicked off in Kananaskis, Canada, with President Donald Trump and Prime Minister Keir Starmer announcing a landmark trade agreement that cuts tariffs on autos, steel, aluminium, beef, and ethanol, strengthening economic ties between the US and UK.

At the summit, Trump called the relationship with Britain “fantastic” as he waved a signed document, stating, “We signed it and it’s done.”

Keir Starmer highlighted that the agreement covers auto tariffs and aerospace, calling it “a very good day for both of our countries.”

According to sources, the deal includes provisions on steel, ethanol, autos, and beef trade. The U.S. will set quotas allowing UK steel and aluminium imports to enter without facing the 25% U.S. steel tariff.

Britain, the first country to secure such tariff reductions from the Trump administration, will benefit from eased tariffs on autos, aluminium, and steel, while agreeing to lower tariffs on U.S. beef and ethanol imports. The deal prevented the UK from facing steep tariffs starting 9 July, a fate other countries have encountered.

UK Trade Secretary Jonathan Reynolds praised the rapid implementation of the agreements and emphasized ongoing work to protect key sectors like pharmaceuticals from further U.S. tariffs under investigation. The deal also grants reciprocal access to 13,000 metric tons of beef, subject to UK food safety standards.

This landmark agreement signals strengthened UK-U.S. trade relations amid the G7 Leaders' Summit’s broader global economic discussions.

The G7 Leaders' Summit convenes the world’s major economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union, to address critical global challenges. Invited participants include Australia, Brazil, India, Mexico, South Africa, South Korea, and Ukraine, reflecting the summit’s commitment to fostering international cooperation.

Copied