Trump boosts 'super luxury' UK automakers in new trade deal
In his much-touted trade agreement with the U.K. announced May 8, Trump kept a 10% baseline tariff on British products imported to the United States. But he lowered 25% universal tariffs on automobiles from the U.K. to 10%, while the 25% rate still applies to vehicles from other countries. Trump also agreed to eliminate 25% tariffs on steel from the U.K.
More: Live updates: Trump announces trade deal with UK
Trump has argued steep tariffs on automobiles are needed to help rejuvenate the U.S. auto industry, but he said luxury British vehicles fall in a different category.
"That's really handmade stuff. They've been doing it for a long time in the same location," he said. "So I said, 'Yeah, that would be good. Let's help them out with that one.'"
Trump added: "But that's different than a car company that comes out and makes millions of cars."
More: Trump says he will look at tariff exemptions for baby products
As part of the still-evolving U.S.-UK. trade pact, Trump also said the U.K. has agreed to reduce certain tariffs on U.S. exports. Trump said other details still need to be worked out.
Trump said he will "rarely" make the same tariff reductions on automobiles during negotiations with other countries. Trump officials have cited substantive trade negotiations with 17 countries, including the U.K., and plan to kick off high-stakes talks with China this weekend in Geneva.
Reach Joey Garrison on X @joeygarrison.
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