US, UK Sign Trade Deal at G7 Summit
TEHRAN (Tasnim) – US President Donald Trump and British Prime Minister Keir Starmer signed a trade agreement at the Group of Seven summit in Canada on Monday.
The deal was reached following bilateral negotiations on US tariffs in May. It includes increased access to British markets for US exports and the United Kingdom's reduction or elimination of non-tariff barriers against the United States, public broadcaster NHK reported.
Up to 100,000 UK-made automobiles a year will be subject to a 10 percent tariff, which includes the existing levy.
Trump told reporters on Monday, "It's a fair deal for both. And it produces a lot of jobs, a lot of income."
For UK-produced steel and aluminum products, the agreement calls for introducing a "tariff-rate quota" or reducing the tariffs to a low level. But no details were included, and discussions will reportedly continue.
