The UK’s aerospace industry is among the beneficiaries of a trade deal between the U.S. and Britain that came into effect on Monday. Among the concessions secured in bilateral negotiations has been the removal of a 10% tariff on aircraft engines and parts, with the UK government stating that President Trump has agreed to keep these items rated at 0%, while tariffs on Britain’s automotive sector have been reduced from 27.5% to 10%.
Among other leading U.S. trading partners, the EU and Canada face extreme uncertainty over the tariffs their industries will be burdened with. In both cases, negotiations with the Trump Administration appear to be blocked as the July 9 deadline for agreeing on new trade details is now just a week away. More specifically, tariffs on steel and aluminum still remain to be settled, although for now the UK at least has avoided the 50% rate imposed by the U.S. in early June.
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