US and UK Reach Trade Agreement Terms, Including Import Car Quotas and Steel and Aluminum Tariffs

On June 16 local time, the US White House issued a statement indicating that US President Trump and UK Prime Minister Starmer jointly announced the general terms of a trade agreement.

It is reported that in the general terms,the US plans to set a quota of 100,000 units per year for UK car imports, with a tariff rate of 10%.The UK has committed to making efforts to meet US requirements regarding the security of the supply chain for steel and aluminum products exported to the US, as well as the nature of ownership of relevant production facilities. On the premise that the UK meets these requirements, the US plans to promptly set "most-favored-nation" tariff rate quotas for steel and aluminum products, as well as certain derived steel and aluminum products, produced in the UK.

In addition, both sides have committed to strengthening the supply chain for aerospace and aircraft manufacturing by establishing duty-free bilateral trade for certain aerospace products. The US has abolished the tariffs imposed on the UK's aerospace industry under three previous executive orders.