On Thursday, President Trump highlighted the advantages that a trade deal with the UK would bring to their automobile sector, especially for high-end manufacturers such as Rolls-Royce and Bentley.
In an announcement made at the Oval Office regarding a new trade agreement, the US has committed to reducing tariffs on imported British cars from 25 percent to 10 percent.
We reduced it from 25 to 10 for Rolls-Royce, since they won't be manufactured here. I wouldn’t even request them to do so," Trump stated. "Rolls-Royce is an exceptionally exclusive vehicle, with only a few units made annually. Unlike mass-market giants producing millions of vehicles, these brands like Rolls-Royce, Bentley, and Jaguar focus on crafting ultra-luxury automobiles in much smaller quantities.
The Commerce Secretary Howard Lutnick informed journalists that approximately 100,000 automobiles from the United Kingdom are exported to the United States each year, which constitutes only a fraction of all vehicles imported by the nation.
"But for the U.K. automotive industry professionals, this means safeguarding tens of thousands of jobs that the president committed to protecting," Lutnick stated.
On Thursday, Trump and British officials revealed a trade deal that remains under finalization; however, they both claimed it would be advantageous for their individual economies.
Trump said it includes billions of dollars of increased market access for American exports, especially in agriculture by increasing access to U.S. beef, ethanol and other farming products. He also said the U.K. will reduce non-tariff barriers that discriminate against U.S. products, and the U.K. will fast-track American goods through the customs process.
Recently, the automotive sector has been central to President Trump’s tariff strategies due to his imposition of broad-ranging tariffs on imported goods along with specific duties on steel, aluminum, and vehicles.
Trump last week signed an order To reduce the 25 percent tariffs he had declared on cars and automotive components that were set to be imported.
The administration will also allow automakers to apply for 15 percent price offsets in the first year of the tariffs and a 10 percent offset in the second year in a bid to get companies to increase domestic production of automobiles.
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