Crime Today News
The United Kingdom and the United States have announced a new trade agreement at the Jaguar Land Rover (JLR) factory in Solihull, England. UK Prime Minister Keir Starmer made the announcement during a visit to the facility, which is part of Tata Motors. Shares of Tata Motors, which owns JLR, were up 2.7% in morning trade.
The agreement includes tariff reductions in several sectors. UK-made cars exported to the US will now face a reduced tariff of 10%, down from the previous 27.5%, for up to 100,000 vehicles annually. This change is expected to ease costs for manufacturers such as JLR.Â
Tariffs on British steel and aluminum exports to the US, previously set at 25%, will also be removed. In agriculture, the deal allows 13,000 metric tonnes of UK beef to be exported to the US tariff-free. Tariffs on ethanol used in beer production will also be eliminated.
The trade pact outlines future cooperation between the two countries in areas including biotechnology, life sciences, nuclear fusion, aerospace, quantum computing, and space research.
Prime Minister Starmer described the deal as part of the UK’s wider efforts to develop global trade links. He added that the government continues to work on improving trade relations with the European Union.
While the deal has been welcomed for its potential to improve market access, some industry groups have noted it is not a full free trade agreement. Others have raised concerns about possible impacts on local sectors due to increased competition from US imports.
The agreement marks a step in post-Brexit trade policy, with a focus on targeted sectoral cooperation rather than broad, all-encompassing trade deals.
This article first appeared on Autocar
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