Britain close to agreeing US deal to reduce tariffs – Daily Business

Britain and the United States are close to announcing a trade deal that will lower the tariffs imposed by President Donald Trump last month.

Mr Trump said in a social media post that he was preparing to announce a “major trade deal” and an announcement is expected from the White House this afternoon.

Details were sketchy last night, but hopes were rising that it will ease cost pressures on key industries, including the food and drink sectors, cars, pharmaceuticals and steel.

It is almost certain that the US will, in turn, be offered lower taxes on a range of products destined for the UK.

Mr Trump used for he described as “Liberation Day” to impose a range of tariffs, the highest being inflicted on China. Britain was handed a 10% overall tariff, the minimum level, but still enough to cause some concern. The UK is also subject to a general 25% tariff that Mr Trump has put on all foreign steel, aluminium and cars.

The president is believed to be close to deals with other major economies, including Japan, South Korea and Vietnam.

A deal with the US would be the second agreed by the UK government this week after it signed an agreement with India.