Latest news with #USUKtrade
Reuters
29-05-2025
- Business
- Reuters
UK seeks to speed up implementation of US trade deal, FT reports
May 29 (Reuters) - Britain will hold talks with the United States next week to try to speed up implementation of a trade pact between the two sides, the Financial Times reported on Thursday. U.S. President Donald Trump and British Prime Minister Keir Starmer on May 8 announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports. Reuters could not immediately confirm the report. A U.S. trade court blocked most of Trump's tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.
Yahoo
11-05-2025
- Business
- Yahoo
Government wants to ‘go further' with US trading relationship, says Cooper
The Government wants 'to go further in terms of the trading relationship with the US', the Home Secretary has said, as an American economist warned the deal struck with Donald Trump this week 'isn't worth the paper it's written on'. Joseph Stiglitz told Sky News that had the UK worked with the EU on a deal, 'you could have done better than what you've done'. On Friday, Donald Trump's press secretary insisted the president will stand firm on the blanket 10% tariff on most UK imports into the US, telling reporters he is 'committed' to the levy. It came after Thursday's deal which cut taxes on car imports of 100,000 a year from 27.5% to 10%, and also reduced tariffs on steel and aluminium through quotas. Asked whether Mr Trump is taking the UK for a ride, Ms Cooper pressed the importance of the deal for car manufacturers such as Jaguar Land Rover. 'Clearly we want to go further in terms of the trading relationship with the US,' she told Sky News' Sunday Morning with Trevor Phillips. 'We are an outward-looking trading nation, so trade is important,' she said, as she declined to get into a 'running commentary' on discussions with the EU. Speaking to the same programme, Mr Stiglitz said that 'any agreement with Trump isn't worth the paper it's written on' . Asked whether the UK should focus on building its relationship with the EU, the economist said 'very much so'. He added: 'My view is that if you had worked with the EU to get a good deal you could have done better than what you've done.' The shadow home secretary said it is 'good that the terrible punitive tariffs' have been eased, but described this week's agreement as 'a very narrow deal'. 'What was agreed last week is not a comprehensive trade deal,' Chris Philp told the same Sky News show. '[It] is a very narrow deal, talking mainly about tariffs. 'While it's good that the terrible punitive tariffs that have been in place for a few weeks have been eased, as the Governor of the Bank of England Andrew Bailey said, the level of tariffs that are now being charged on UK exports going into America are higher under this new deal, so-called deal, than they were at the beginning of the year.' Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Independent
11-05-2025
- Business
- The Independent
Government wants to ‘go further' with US trading relationship, says Cooper
The Government wants 'to go further in terms of the trading relationship with the US', the Home Secretary has said, as an American economist warned the deal struck with Donald Trump this week 'isn't worth the paper it's written on'. Joseph Stiglitz told Sky News that had the UK worked with the EU on a deal, 'you could have done better than what you've done'. On Friday, Donald Trump's press secretary insisted the president will stand firm on the blanket 10% tariff on most UK imports into the US, telling reporters he is 'committed' to the levy. It came after Thursday's deal which cut taxes on car imports of 100,000 a year from 27.5% to 10%, and also reduced tariffs on steel and aluminium through quotas. Asked whether Mr Trump is taking the UK for a ride, Ms Cooper pressed the importance of the deal for car manufacturers such as Jaguar Land Rover. 'Clearly we want to go further in terms of the trading relationship with the US,' she told Sky News' Sunday Morning with Trevor Phillips. 'We are an outward-looking trading nation, so trade is important,' she said, as she declined to get into a 'running commentary' on discussions with the EU. Speaking to the same programme, Mr Stiglitz said that 'any agreement with Trump isn't worth the paper it's written on' . Asked whether the UK should focus on building its relationship with the EU, the economist said 'very much so'. He added: 'My view is that if you had worked with the EU to get a good deal you could have done better than what you've done.' The shadow home secretary said it is 'good that the terrible punitive tariffs' have been eased, but described this week's agreement as 'a very narrow deal'. 'What was agreed last week is not a comprehensive trade deal,' Chris Philp told the same Sky News show. '[It] is a very narrow deal, talking mainly about tariffs. 'While it's good that the terrible punitive tariffs that have been in place for a few weeks have been eased, as the Governor of the Bank of England Andrew Bailey said, the level of tariffs that are now being charged on UK exports going into America are higher under this new deal, so-called deal, than they were at the beginning of the year.'
Yahoo
11-05-2025
- Business
- Yahoo
Government wants to ‘go further' with US trading relationship, says Cooper
The Government wants 'to go further in terms of the trading relationship with the US', the Home Secretary has said, as an American economist warned the deal struck with Donald Trump this week 'isn't worth the paper it's written on'. Joseph Stiglitz told Sky News that had the UK worked with the EU on a deal, 'you could have done better than what you've done'. On Friday, Donald Trump's press secretary insisted the president will stand firm on the blanket 10% tariff on most UK imports into the US, telling reporters he is 'committed' to the levy. It came after Thursday's deal which cut taxes on car imports of 100,000 a year from 27.5% to 10%, and also reduced tariffs on steel and aluminium through quotas. Asked whether Mr Trump is taking the UK for a ride, Ms Cooper pressed the importance of the deal for car manufacturers such as Jaguar Land Rover. 'Clearly we want to go further in terms of the trading relationship with the US,' she told Sky News' Sunday Morning with Trevor Phillips. 'We are an outward-looking trading nation, so trade is important,' she said, as she declined to get into a 'running commentary' on discussions with the EU. Speaking to the same programme, Mr Stiglitz said that 'any agreement with Trump isn't worth the paper it's written on' . Asked whether the UK should focus on building its relationship with the EU, the economist said 'very much so'. He added: 'My view is that if you had worked with the EU to get a good deal you could have done better than what you've done.' The shadow home secretary said it is 'good that the terrible punitive tariffs' have been eased, but described this week's agreement as 'a very narrow deal'. 'What was agreed last week is not a comprehensive trade deal,' Chris Philp told the same Sky News show. '[It] is a very narrow deal, talking mainly about tariffs. 'While it's good that the terrible punitive tariffs that have been in place for a few weeks have been eased, as the Governor of the Bank of England Andrew Bailey said, the level of tariffs that are now being charged on UK exports going into America are higher under this new deal, so-called deal, than they were at the beginning of the year.'
Telegraph
11-05-2025
- Business
- Telegraph
Britain's deal with India will have far more impact than Trump's razzmatazz
It may have seemed outlandish three weeks ago when this column predicted that America would soon start signing trade agreements – and the first would be with Britain. After all, I made that suggestion not long after what Donald Trump called 'Liberation Day' – April 2nd – when he unveiled a raft of new taxes on imports into the US. The biggest rise in US protectionism since the Smoot-Hawley tariffs of the early 1930s, the President's move sent financial markets reeling. By last weekend, though, markets had largely recovered from Trump's 'tariff tantrum' – with the S&P 500 index of leading US shares roughly back where it was prior to Trump's shock announcement. Treasury yields – the rate investors charge to lend to the US government – were also in line with levels just before 'Liberation Day'. The President's across-the-board 10pc tariff on all imports into America remained in place. But his 90-day moratorium on higher 'reciprocal tariffs' on countries running particularly large trade surpluses with the US had helped calm nerves on global markets. Across the political and media class, though, the hullaballoo continued, amidst endless claims Trump was 'bonkers' and 'just causing chaos'. Now all that has changed. Because last Thursday, amidst great fanfare, the US President announced he had indeed signed America's first trade deal since 'Liberation Day' – with Britain, the world's sixth biggest economy. Yet while this US-UK trade accord is significant, it's an outline agreement limited to specific sectors, not an economy-wide trade deal – and one driven, above all, by the need to secure good political optics. The trade deal Britain signed last Tuesday with India, in contrast, drowned out by Trump's publicity extravaganza, was of much more economic significance. It was a genuinely historic, comprehensive deal opening access to one of the world's fast-growing economies, now also the most populous nation on earth. The razzmatazz of the 'special relationship' US-UK deal drove countless headlines. But the UK-India agreement will have a far bigger impact on Britain's economy – and deserves a lot more attention. Under the UK-US deal, tariffs on UK car exports will fall from 27.5pc to 10pc for a quota of up to 100,000 vehicles annually. That supports some UK carmakers, but doesn't allow for growth – seeing as Britain exported almost 100,000 cars to America last year. Tariffs on British steel and aluminium, previously 25pc, are eliminated entirely – but, while politically sensitive, UK exports under this heading amounted to just a few hundred million pounds last year. While no tariffs are currently on pharmaceuticals – the UK's second-biggest export sector – both sides pledged to negotiate 'significantly preferential treatment'. But it's only a pledge, nothing concrete. Similarly, there are 'plans' for future partnerships on biotech, life sciences, quantum computing and aerospace. But, again, they are only 'plans'. Overall, where there are clearly new export opportunities, not least in agriculture, this was less of a deal than a framework document to agree a deal. And even if everything Trump promised during his White House press conference is delivered, this deal is merely a partial walking back of his 'Liberation Day' tariffs – and only across a few sectors. Plus, outside of steel and aluminium, Trump maintained the 10pc across-the-board tariff on UK exports. That isn't only detrimental to Britain, but also US consumers – an act of self-harm. The reality is, as I wrote when making my original prediction, that to keep his domestic political enemies at bay, Trump badly needed a win – proof his audacious (many say reckless) plans to recast the global trading system in a way that favours the US can work, that other countries will indeed negotiate, that order will emerge from chaos, with America ultimately coming out on top. That was this eye-catching UK-US deal, unveiled on the 80th anniversary of VE day and beamed around the world, did for him. It was less economic statesmanship than political theatre. Oh, and while the details remain vague, no doubt deliberately so, pretty much every serious trade analyst reckons the outcome tilts heavily in America's favour. The UK's trade deal with India, in contrast, is detailed, broad and economically significant. Three years in the making – the Tories deserve much of the credit – it will scrap tariffs on 99pc of UK exports to India, with Britain removing duties on 90pc of Indian goods. The world's largest whisky market, India is halving tariffs on UK whisky and gin and will also help Britain's smaller companies to export – via simplified customs and digital trade systems. In contrast to the US deal, there is guaranteed access to India's massive services market – highly significant, given that over half of all UK exports are services, such as banking, law, insurance, consultancy and research and development. The UK's tariff cuts on imported Indian textiles, clothing and food imports should also directly benefit UK consumers. India will leap from being the world's fifth to the world's third-biggest economy over the next five years, overtaking Japan and Germany. Already more populous than China, it will likely be the fastest growing major economy in the world for the next 20 to 30 years. So this Indian deal is about unlocking a high-growth market with massive long-term potential, while the US deal focuses on stabilising existing trade under ongoing tariff threats. The US already accounts for around a fifth of UK trade, while India accounts for less than 2pc. So the upside potential is huge – with bilateral UK-India trade set to surge 60pc to almost £70bn a year by 2040 on official estimates. So, despite the Donald-Keir love-in, the subcontinent's trajectory as an economic superpower means this UK-India deal, potentially, is of far more commercial significance to Britain than the promises offered by Trump.
