British aerospace manufacturers to benefit from UK-US trade deal

This news announcement is edited but can be viewed in full here: https://www.gov.uk/government/news/british-aerospace-manufacturers-to-benefit-from-uk-us-trade-deal

The US has committed to reducing tariffs on UK aerospace goods such as engines and similar aircraft parts from the general 10% tariff being applied to all other countries, which is expected to come into force by the end of June.

This deal is a huge win for the UK’s world-class aerospace sector currently facing additional 10% tariffs, helping make companies such as Rolls Royce more competitive and allowing them to continue to be at the cutting edge of innovation. 

British car manufacturers will be able to export to the US at a 10% tariff rate as part of the recently agreed UK-US trade deal by the end of June.  

The UK is the only country to have secured this agreement with the US which reduces car export tariffs from 27.5%, saves car manufacturers hundreds of millions a year, and protects tens of thousands of jobs.

The UK is the only country to be exempt from the global tariff of 50% on steel and aluminium. As the Prime Minister and President Trump have again confirmed, both will continue to go further and make progress towards 0% tariffs on core steel products as agreed.  

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This news was originally published by the Department of Business and Trade: British aerospace manufacturers to benefit from UK-US trade deal – GOV.UK