Leaders of US, Britain ink trade deal at G7 summit
NEW YORK - US President Donald Trump and British Prime Minister Keir Starmer on Monday signed a trade deal at the G7 summit in Canada.
"We signed it and it's done," Trump said. Starmer noted that the deal would implement bilateral agreements on auto tariffs and aerospace.
The White House issued an executive order on Monday to implement the general terms of the trade deal announced on May 8.
The United States will establish an annual tariff-rate quota of 100,000 automobiles, allowing a 10 percent tariff for imports within the quota, according to the order. Meanwhile, imports of automobiles in excess of the tariff-rate quota shall remain subject to the 25 percent tariff imposed by the proclamation on adjusting imports of automobiles and parts on March 26.
US imports of Britain-made automotive parts for use in British automobiles would be subject to a 10 percent tariff rather than the 25 percent tariffs imposed by the above-mentioned proclamation.
Moreover, the United States decided to exempt British civil aircraft from the application of steel and aluminum proclamations issued on March 8 and an executive order released on April 2.
Trump directed US secretary of commerce to design and establish a tariff-rate quota for aluminum and steel articles and derivative articles made in Britain in the future.
