New US-Britain Trade Agreement Enters into force

This marks an important step in strengthening economic ties between the two countries.

In the official announcement of the British Government, which was published Monday, the agreement signed by US President Donald Trump and British Prime Minister Keir Starmer envisions significant tariff cuts in some key sectors.

British car producers will benefit from a new export quota reduced by 10 percent from 27.5 percent previously.

At the same time, existing tariffs of 10 percent for engines and aircraft parts have been completely removed, increasing the competitive potential of British airline industry on the American market.

“This is a victory for British exporters and a clear signal for improving our trade relations with the US,” said in the British executive's statement.

But the challenge remains for the steel and aluminum sectors Britain has received only a temporary exemption from fees of up to 50 percent that the United States decided on for other countries earlier this month.

If a final agreement is not reached by July 9th, Britain risks involvement in these measures.

British officials have indicated that they are working intensively to achieve the complete elimination of tariffs for key steel products, in line with the pledges of the two governments.