Latest news with #UKtrade
The Independent
14-05-2025
- Business
- The Independent
Reynolds agrees need for ‘urgent next steps' with bioethanol firms over US deal
The Business Secretary has agreed on the need for 'urgent next steps' to protect Britain's bioethanol firms in a meeting with industry chiefs after the UK-US trade deal. Representatives of ABF Sugar and Ensus said Jonathan Reynolds had committed to act within 'days, not weeks' amid concerns hundreds of jobs could be at risk. The Government is 'open to discussion' of potential options to support the industry, the Department for Business and Trade said. The agreement between London and Washington includes a UK concession to cut British tariffs on US ethanol, which is used to produce beer and as a fuel additive, from 19% to 0%. ABF Sugar and Ensus, the two main firms producing UK bioethanol – a form of renewable energy produced from agricultural materials – have said the deal could lead to the closure of the country's two biggest plants. Mr Reynolds met representatives from both companies and local MPs on Wednesday for talks about the agreement. In a joint statement, ABF Sugar chief executive Paul Kenward and Ensus chairman Grant Pearson said: 'We had a constructive discussion today with the Secretary of State and local MPs. 'We were pleased that the Secretary of State recognised the strategic importance of the UK bioethanol industry and acknowledged the urgency of the situation, with a commitment to act in days, not weeks. 'We will continue to engage closely and constructively with Government over the coming days to help secure a positive outcome for the industry, our workers and the communities we support.' A Department for Business and Trade spokesperson said: '(The Business Secretary) made clear that the Government is working closely with the industry to understand the impacts on those companies and is open to discussion over potential options for support. 'The Business Secretary agreed to work alongside Cabinet colleagues to look into the issue further and explore putting a process in place to protect future UK production of bioethanol. 'Both sides acknowledged the significance of the sector, and the need for urgent next steps. 'The Business Secretary reiterated the merits of the deal, which will protect thousands of jobs across key sectors – from farming to pharmaceuticals – and lay the groundwork for greater trade in the future.' Mr Kenward and Mr Pearson told The Times earlier this week that the facilities in Salt End, East Yorkshire, and Wilton, Teesside, would be at risk and the UK industry faced an 'existential threat' after the deal. Under the trade agreement, the first of its kind to be struck by the new Trump administration, the White House agreed to ease some of its sweeping tariffs for industries like cars and steel. It removed the 25% tariff rate on UK steel and aluminium exports, reducing the trade barrier for these goods to zero, while American levies on British cars fall to 10% for the first 100,000 vehicles exported. Both sides have said the details of the deal will be worked out in the weeks ahead.
ABC News
09-05-2025
- Business
- ABC News
US baseline tariff of 10 per cent here to stay
Economics professor Justin Wolfers shares his analysis on the Trump administration's import tariffs and the implications of the United Kindom's trade deal with the US.
Bloomberg
08-05-2025
- Business
- Bloomberg
In the City: Is the UK-US Trade Pact a Win?
It's been a whirlwind week for UK trade — first a deal with India, and now, a surprise announcement: a US-UK trade agreement. With aims to reduce trade barriers and increase market access for American imports and industrial exports, this latest deal sets the stage for closer economic ties between the two countries. Hosts David Merritt and Francine Lacqua speak with Dan Hanson from Bloomberg Economics to unpack the US-UK trade deal and what it could mean for the UK's broader economic outlook.
CTV News
08-05-2025
- Business
- CTV News
What Trump's agreement with the U.K. suggests about trade talks with Canada
U.S. President Donald Trump gestures as he speaks with reporters after announcing a trade deal with United Kingdom in the Oval Office of the White House on Thursday, May 8, 2025, in Washington. (THE CANADIAN PRESS/AP-Evan Vucci) WASHINGTON — Experts say U.S. President Donald Trump's preliminary trade agreement with the United Kingdom could offer hints about how his administration might negotiate with Canada. The agreement announced today is not finalized and many details remain unclear, but it sent a signal to nations around the world rattled by Trump's attempt to deploy tariffs to upend global trade. Under the deal, baseline 10 per cent tariffs on most U.K. imports to the United States would stay in place, while duties on steel and aluminum would be lifted. Trump's tariffs on U.K. automobile imports would be reduced to 10 per cent on a quota of 100,000 vehicles. Carleton University international affairs professor Fen Osler Hampson says the deal shows the Trump administration is amenable to negotiation — a positive sign for Ottawa as it awaits the review of the Canada-U.S.-Mexico Agreement on trade. Hampson says the U.K deal indicates Trump is open to lower tariffs but likely won't eliminate them altogether. This report by The Canadian Press was first published May 8, 2025. Kelly Geraldine Malone, The Canadian Press
Wall Street Journal
08-05-2025
- Business
- Wall Street Journal
Trump Announces Trade Agreement With Britain
WASHINGTON—President Trump announced the outlines of an agreement on trade with the U.K. on Thursday, the first in what the White House hopes is a series of deals since imposing tariffs against allies and adversaries. 'It's very conclusive and we think everyone's going to be happy,' Trump said. 'Many countries want to make a deal, and many countries are very unhappy that we happened to choose this one,' he added.
