Washington – President Donald Trump agreed to cut tariffs on UK Autos, Steel and Aluminum at a planned trade agreement on Thursday, but other countries reduced the likelihood of getting the same favorable conditions in its import tax, which is becoming a global economy.
Under the Framework Agreement, the UK has to buy more American beef and ethanol to the customs process for products from the United States of America. But Trump’s baseline should be in 10% tariffs against British goods, and the Republican President suggested that even higher import tax would be made in other countries trying to reach the United States with the United States
Trump said of the UK’s 10% tariff rate, “It is a few,” added that other countries will face higher tariff rates in their contract because the United States launches trade deficit with them and in many cases they have not treated us properly. “
The declaration provided a political victory for the UK Prime Minister Care Starmer and proposed some legitimacy for Trump’s claim that his unstable views in the trade could be able to re -balance the global economy in his preferences. When Trump began imposing new tariffs, the agreement would have to improve the situation in Britain, but the global economy is still involved in the confusion and uncertainty published by the President’s import tax. Britain represents a fraction of US imports, which is why the deal with the UK will resonate towards more precision but small steps.
The US President spoke to journalists in the Oval Office, though the fine print is flowing.
Trump said, “In the coming weeks, we will be very final.”
The President said that the agreement would lead the export of more beef and ethanol in the UK and facilitate US product processing through tariffs. Commerce Secretary Howard Lutnik said Baseline would be in effect of 10% and said that an unprecedented British company would announce the purchase of $ 10 billion from Boeing to the aircraft.
UK officials have said that Trump’s auto tariffs will go from 2 27.5% to 5% in the quota of 1.5 vehicles and the import tax on steel and aluminum will go from 25% to zero. Starmar said that Britain would preserve its health and protection standards on food products.
The UK government also said that it will also reduce tariffs on 2,5 US products like olive oil, wine and sports equipment, which will reduce the average tariff by 5.7%.
While talking to Trump over the phone, journalists were listening to the importance of relationships between the two countries as the anniversary of World War II victory in Europe.
“To be able to announce this great deal on the same day on the same day at the same moment at the same moment,” Starmar said, “I think it is incredibly important and it really made historic tihassic.”
Later, Starmar spoke to the workers at a Jaguar Land Rover plant and promoted the agreement, which he said that thousands of auto jobs would protect. He told the workers that “it was just the beginning,” said, “We are giving more details to reduce the barrier to businesses in the United States and the world.”
While celebrating the planned agreement, Trump spoke of the future of the US economy, despite the anxiety of potential downturn and inflation, which could hurt most Americans in financial well -being and lead to trim.
The president said the public should be bought in the stock market because the US was about to rise like “rocket ships”, even in the United States rejected the news of low container ship docking and alerting agencies about the increase in price if the tariff.
Trump said that the low container ships from China “we lose money” from the trade deficit “we lose money”, though the products of these ships are used by US manufacturers and sell the job as the retailers can support the job.
Asked about the companies that would raise their prices due to tariffs, Trump said, “I think they are just trying to try and negotiate with me.” Trump suggested that if they did not move their factories to the United States, he would keep 100% tariffs on Matel toys.
Trump has maintained that “virtually” does not have inflation. The Federal Reserve’s preferred inflation measure has increased by 2.5% annually, a bit higher than 2% of the central bank’s target.
On Thursday, the US President said that Fed’s chair Jerome Powell should reduce the interest rates on Fed Benchmark which was designed to manage inflation, saying that Powell had held the FEDs at the present level instead of slashing them because he was not in love. “He is not in love.” At a press conference on Wednesday, Powell warned that the tariffs were creating uncertainty and Fed could wait as much as more data did not show effects on the economy.
The United States has already run a trade surplus with the United Kingdom, at a time when Trump sets his tariff on removing annual trade deficit with multiple nations, he has made some simple foundations at the time he took advantage of America
A British government official, who did not want to be named for the discussion on the discussion, said that the UK continues to seek greater trade liberalization, such as the effective tariff rate in the United States may be less than 10% of the baseline.
The official said that the discussion on the long -standing closeness between the two nations was created and when in talks with the Trump administration, the original was to be fascinating and how to say “no” beautifully.
The official said that Trump invited the British government to agree to a trade agreement before April 2, but the President changed his mind so that he could impose his “release day” tariff. This statement indicates that Trump could announce some form of the contract on Thursday a few weeks ago.
No new agreement has been reached with the largest trade partners in the United States, including Canada, Mexico and China. Trump has left the highest tariff in China, spreading conflicts between the two largest economies in the world. Washington and Beijing are sending officials to Switzerland this weekend for initial trade discussions.
Trump said on Thursday that if the weekend discussed well, he could “reduce the rate of 145% of the charges charged in Chinese products.”
Trump said “Now, you can’t get any higher.” “It’s at 145, so we know it’s coming down” “
In the United States and the United Kingdom 20 2016, the British people have aimed to make a bilateral trade agreement since voting to leave the European Union, giving the country freely discussing the rest of the continent. The then Prime Minister Boris Johnson opposed the future agreement in the United States as an encouragement for Brexit.
Talks began in the first term of Trump in 2021. However, there was very little progress under President Joe Biden in the discussion, a Democrat and critic of Brexit. Talks were resumed after Trump returned to the office in January and more intense in recent weeks.
According to the Bureau, the United States in the United States, the UK had $ 1.5 billion trade surplus. Last year, $ 68 billion of goods imported from the United States to the United States were only 2% of all products imported into the country.
The United States is much more important for the UK economy. According to official statistics, it was a partner in Britain’s largest business last year, though in the United States instead of most export products in Britain.
___
Jill Loles reported from London. Associated Press Writer Jake Miller has contributed to this report.
Leave a Reply