Following a press conference at the G7 summit, President Trump accidentally dropped the signed US-UK trade agreement while presenting it to the media. The incident, met with good humor from Prime Minister Starmer, did not affect the deal’s finalization. This agreement, effective by month’s end, eliminates tariffs on aerospace products. The dropped document highlighted the significance of the newly established trade partnership between the US and UK.
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President Trump’s executive order doubling steel and aluminum tariffs to 50% temporarily excludes the UK due to a May 2025 US-UK economic prosperity deal. This deal, not yet in effect, aims to eliminate these tariffs entirely but could be revoked if the UK fails to comply with its terms. Until the deal’s parliamentary implementation, UK steel exporters remain subject to the 25% tariff. The UK government is working to finalize the agreement and protect British businesses.
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A preliminary agreement on a US-UK trade deal is expected to be announced by President Trump. This “heads of terms” agreement represents a significant step toward a full trade deal, according to a government source. The announcement, scheduled for Thursday, follows recent meetings between senior Trump officials and UK representatives. The deal is anticipated to address tariffs on steel and cars, and this news has already caused a rise in the value of the British pound.
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John Q. Hosedrinker