The U.S. and the U.K. announced May 8 that the countries have made a trade deal. The deal states that the 10% reciprocal tariff imposed April 2 on U.K. imports is still in effect, but an alternate deal has been made for Section 232 tariffs for U.K. autos. Section 232 tariffs for U.K. steel and aluminum are under negotiation.
Under the deal’s agreements, the first 100,000 vehicles imported to the U.S. each year by U.K. manufacturers will be subject to a 10% tariff, and any additional vehicles imported each year are subject to a 25% tariff.
A new trading union for steel and aluminum has also been created under the deal, which will affect the 25% tariff imposed on steel and aluminum imports to the U.S. Officials from the U.S. and the U.K. are negotiating an alternative arrangement for Section 232 tariffs on U.K. steel and aluminum.
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