US President Donald Trump agreed on Thursday that customs duties for cars, steel and aluminum in Great Britain in a planned trade agreement, but played the possibility that other nations will receive similarly favorable conditions for its import taxes that roam the global economy.
As part of the framework contract, Britain is intended to buy more US beef and ethanol and rationalize its customs process for goods from the USA. But Trump’s tariffs of 10 percent against British goods should remain in force, and the Republican President suggested that even higher import taxes would be charged for other countries that would try to achieve business with the USA
“This is a low number,” said Trump about the 10 percent tariff rate of Great Britain and added that other countries are exposed to higher tariff rates in their shops because the USA will carry out trade deficits with them and “in many cases we were not treated properly”.
The announcement provided a political victory for the British Prime Minister Keir Starrer and offered a certain degree of confirmation of Trump’s claims that his turbulent trade approach could be able to train the global economy on its preferred conditions. However, it could also be divided into the expectations of the European Union and others who negotiate with the United States in the hope of reducing tariffs to zero.
The US President expressed the framework to reporter in the Oval Office, although the small print despite his previous statements that a complete agreement had been signed
“We will have everything very conclusive in the coming weeks,” said Trump.
“Really historical,” says the British Prime Minister
The president said that the agreement would lead to more beef and ethanol exports to Great Britain and that the processing of US goods would rationalize by customs. Minister of Commerce Howard Lutnick said that the 10 percent tariffs would remain able to remain and that a non -specified British company would announce the purchase of Boeing aircraft in the amount of $ 10 billion.
The British officials said that Trump’s auto duties would increase from 27.5 percent to 10 percent with a rate of 100,000 vehicles and import taxes on steel and aluminum to zero. According to Starrer, Great Britain would preserve its health and security standards for food.
The British government also said that it would also reduce the tariffs for 2,500 US products such as olive oil, wine and sports equipment and that the average tariff rate would reduce 1.8 percent.
Strand, who spoke to Trump by phone, while reporters listened, emphasized how important the relationship between the two countries was remembered as the anniversary of the Second World War victory in Europe.
“To say this very much, 80 years old on the same day, almost at the same hour,” said Starrer, “I find it incredibly important and do it really historically.”
Starrer later spoke to workers in a Jaguar Land Rover plant and promoted the deal that he said would protect thousands of autojobs. He told the workers that “this is only the beginning” and “We hammer further details to reduce the trade barriers with the United States and around the world.”
Trump speaks the future of the US economy
While he celebrated the planned deal, Trump spoke despite a concern of a possible slowdown and an increase in inflation about the future of the US economy, which could impair the financial well-being of most Americans and lead to layoffs.
The President said that the public should go to the stock exchange because the United States should increase shortly before the “rocket ship”, even when he reports on fewer container ships that dock in the USA and companies when the tariffs are available.
Trump said that less container ships arrived from China mean by the trade deficit “we lose less money”, although the goods in these ships are used by US manufacturers and sold by retailers in a way that can support jobs and can hold prices at the same time.
When asked about companies who said they had to increase prices because of the tariffs, Trump said: “I think they say that they just try to negotiate business with me.” Trump suggested that he could set Mattel toys 100 percent tariffs if they did not move their factories to the United States.
Trump claimed that there is “practically” no inflation. The preferred inflation measure of the Federal Reserve has increased by 2.3 percent annually, slightly higher than the central bank’s goal.
The US President said on Thursday that FED chairman Jerome Powell should reduce the Benchmark interest rates of the Fed, which should manage inflation and said that Powell will keep the Fed’s prices at the latest level instead of reducing them because he is not in love with me. Powell warned at a press conference on Wednesday that the tariffs created uncertainty and the Fed could afford to wait for further data to show the effects on the economy.
With Canada, Mexico and China, no new offers have achieved
The United States is already operating a trade surplus in Great Britain, which makes it a little easier to find similarities at a time when Trump has its tariffs when removing the annual trade deficits with several nations, of which he says that they have exploited the USA
No new offers were achieved with the largest trading partners in the United States, including Canada, Mexico and China. Trump left the highest tariffs in China and triggers a confrontation between the two largest economies in the world. Washington and Beijing send officials to Switzerland this weekend to get a first round of trade talks.
Prime Minister Mark Carney described his first personal meeting with US President Donald Trump “far-reaching” and “constructive”, although Trump said that nothing can do Canada to remove US tariffs.
The United States and the United Kingdom have had been in 2016 since the British people chose a bilateral trade agreement to leave the European Union and enables the country to negotiate the rest of the continent. Boris Johnson, the then British Prime Minister, observed a future contract with the United States as an incentive for Brexit.
Negotiations began in 2020, while Trump’s first term. However, the talks made little progress among President Joe Biden, a democrat and critic of Brexit. The negotiations were resumed after Trump returned to office in January and intensified in the past few weeks.
According to Census Bureau, the United States triggered a US US trade surplus of 11.9 billion US dollars with Great Britain in Great Britain last year last year. The 68 billion US dollars that the United States imported from Great Britain last year accounted for only two percent of all goods imported into the country.
Nevertheless, the United States is far more important for the British economy. According to state statistics, it was the largest trading partner of the UK last year, although the majority of British exports to the United States are more services than goods.
A trade agreement with the United States is one of several that the government of Starrer is trying to go on strike. On Tuesday, Great Britain and India announced a trade agreement after three years of negotiations. The United Kingdom also tries to raise some of the trade barriers with the EU that left the block in Great Britain in 2020.
