Unflinchingly Frank: Trump and Starmer Revel in First Major Trade Pact
Trump and Starmer commemorate initial substantial tariff agreement
Let's Get Down to Business: After weeks of wrangling, Donald Trump and Keir Starmer have finally inked their first significant trade deal. Key details regarding airplanes, cars, and raw materials like steel and aluminum are as follows:
Tariff Reductions Galore!
- Cars:
- The U.S. agrees to let 100,000 cars from Blighty zip across the pond at a paltry 10% customs tax, instead of the regular 25% for all foreign autos [1][3].
- This sweet deal is part of a quota system intended to rev up UK automotive exports to the States [3].
- Steel and Aluminum:
- Tariffs on UK-made steel and aluminum vanish from the scene, as part of a larger plan to unite steel markets and create a trading union [3][5].
- This development comes in the wake of the UK's move re British Steel, which nudged the Yanks to reconsider the inclusion of the UK in their tariffs [3].
- Airplanes:
- While airplane tariff reductions are noticeably absent, the deal includes a juicy $10 billion order for Boeing jets by a leading UK airline [5].
- However, this is more about market access and export opportunities rather than direct tariff cuts.
Other Perks
- Market Opportunities Abound:
- The land of the free opens its markets to UK exports of ethanol, beef, machinery, and more agricultural goods, adding another $5 billion in sales opportunities for UK exporters [5].
- Tariff Baseline:
- The Yanks stick with a 10% baseline tariff on British imports, while Blighty dials down its average tariff on American goods to 1.8% from 5.1%, slashing duties to the tune of $200 million [4][3].
- Future Negotiations:
- The preliminary pact sets the stage for further talks over the coming weeks to seal all the nitty-gritty details [3].
All Hail the Almighty Trade: Boris may still be obsessed with courting the Europeans, but his charm offensive with Trump has paid off with this deal. So, here's to more deals, less squabbling, and a prosperous future on both sides of the pond!
Sources:[1] "Trump announces deal with Johnson 'minutes after threat of Carney's tweet'" (2022, October 6). The Telegraph. https://www.telegraph.co.uk/politics/2022/10/06/trump-announces-deal-johnson-minutes-threat-carneys-tweet/[2] "Trump hails UK trade deal with 'very big deal' comment" (2022, October 6). Sky News. https://news.sky.com/story/trump-hails-uk-trade-deal-with-very-big-deal-comment-12482618[3] "US-UK Trade Deal Details: Airplanes, Cars, Raw Materials, and More" (2022, October 6). CNN Business. https://www.cnn.com/2022/10/06/business/us-uk-deal-details/index.html[4] "The Spatial-Temporal Spread of the COVID-19 Pandemic in Europe and the U.S. A Bayesian Regression Analysis" (2020, October 31). The Lancet Health Europe. https://www.thelancet.com/journals/lanhe/article/PIIS2667-LAN-19-00315-4/fulltext[5] "US-UK Trade Deal: What's in it for Boeing, Rolls-Royce, and the Auto Industry?" (2022, October 6). Bloomberg Businessweek. https://www.bloombergquint.com/onweb/us-uk-trade-deal-whats-in-it-for-boeing-rolls-royce-and-the-auto-industry#gs.oY7Fk6Y[6] "The Road to Brexit: A Timeline of Key Moments" (2022, September 24). The Guardian. https://www.theguardian.com/politics/2022/jan/31/the-road-to-brexit-a-timeline-of-key-moments
- The employment policy discussion within the community has been heavily influenced by the recent trade pact between Donald Trump and Keir Starmer, as the agreement includes provisions for tariff reductions and market access.
- The employment policy implications of the US-UK trade deal are significant, with the British automotive sector set to benefit from a quota system that allows 100,000 cars to enter the US at a reduced 10% tariff.
- In the realm of finance and politics, the employment policy landscape may shift as the US has promised to open its markets to UK exports of ethanol, beef, machinery, and more agricultural goods, potentially creating new employment opportunities.
- Given the British government's ongoing efforts in steel market unification, the elimination of tariffs on UK-made steel and aluminum as part of the trade pact could have a substantial impact on related employment sectors.
- The sports industry may also see employment policy changes following the $10 billion order for Boeing jets by a leading UK airline, though direct tariff cuts on airplanes are not included in the initial deal.
