British tariffs: automobiles, steel and beef

Jennifer Moneyhans

Business Reporter, BBC News

Getty image

The United Kingdom and the United States have reached a transaction on tariffs on some products that are traded between countries.

President Donald Trump's blanket 10% of the world's import tariffs on countries around the world still applies to most British products entering the United States.

However, this contract has been reduced or removed for some exports in the UK, including automobiles, steel and aluminum.

The following is a letter about what is in the deal.

This is not a trade transaction

Trump has declared that this announcement will be “major trade transactions” in social media.

He has no authority to sign the type of free trade contracts in India and England early this week. This is in parliament.

Congress must approve a long -time trade agreement than the 90 -day suspension of Trump's tariffs.

This is a contract that reverses or cuts tariffs on certain products.

It is just a narrow agreement. Negotiations and legal documents will continue.

Car tariffs are reduced to 10%.

Trump has earned 25% of taxes for automotive and auto parts in the United States on 2.5%.

This is reduced to 10%of the UK's up to 100,000 units that match the number of cars exported last year.

However, all cars exported on that equivalent are 27.5%of imported taxes.

Automobiles are the largest US exports to the UK, about $ 9 billion last year.

Jaguar Land Rover, which exports almost a quarter of automobiles to the United States, said, “We have certainty for our sector.”

But the auto industry leaders told the BBC that the ceiling can be effectively put in the number of quotas that can be exported competitively in the BBC.

The UK imposes a 10%payment for US automotive imports, but it's not clear if there are any changes.

The United States has previously demanded that taxes will be lowered to 2.5%, and Rachel Reeves pointed out that she is open to such cuts.

Trump also announced that the Rolls-Royce engine and airplane parts could be exported to the absence of US tariffs in the UK.

There is no tariff on steel and aluminum

25%of tariffs on steel and aluminum imports to the United States in March were abandoned.

This is good news for companies such as British steel, which has been controlled by the government while struggling to maintain operations.

However, the White House said it would impose a quota for “national rates, specific derivatives and aluminum products, most preferred for British steel and aluminum.”

At present, how much of these products that can be exported to the United States without paying more depending on the quota system of the UK will not be clear.

It is also unclear whether the waste of tariffs apply to steel derivatives and whether steel melts in the UK.

The United Kingdom exports relatively small amounts of steel and aluminum to the United States about 700m.

But tariffs also include products made of steel and aluminum, including things like gym equipment, furniture and machines.

They are much more valuable for last year, about 2.2 billion won for the United States or about 5%of British exports.

INDUSTRY BODY STEEL UK said, “There are many hoops that run around before the British steel sector can see the benefits of this transaction.

Companies said they needed to meet the supply chain conditions, what the quota was, and the timing of time.

Pharmaceuticals are still unknown

The UK is still unknown.

The United States said that the two countries said, “We will immediately negotiate the results of the drug.”

Last year, the sale of this product is the second largest export to the United States in the UK, which is worth $ 6.6 billion, and is the main export of the UK for major exports in the UK.

It is also the largest export in the United Kingdom, the largest in the United States, last year.

Most countries, including the United States, have little or no tariffs on the completed drugs as part of the agreement to maintain medicines at a low price.

The president has not yet announced a trade restriction on medicines.

Digital service tax is not changed

In this transaction, there was no change in the 2% digital service tax in the UK, which seems to be stubborn.

Businesses that operate social media, search engines or online marketplace should pay more than 500 million global sales and 25m from UK users every year.

But this threshold is easily met by American technicians such as META, Google, and Apple.

In the first year, the UK said that it recorded almost 360m from US technology companies through taxes.

The British government said, “I agreed to work on digital trade transactions.”

But the US government was “disappointed that the United Kingdom did not agree to not completely deal with taxes.

“It is discriminatory and not justified and should be removed immediately.”

There is no decline in food standards

US beef exports to the United Kingdom received a tariff of 20%within 1,000 meters tons. According to the White House document, the UK abolished the tariff and raised the quota to 13,000 tons.

In return, the United Kingdom received the same quota at a lower ratio that matched other countries.

According to the British government's statement, according to the British government's statement, according to the British government's statement, according to the British government's statement, according to the British government's statement, according to the British government's statement, according to the British government's statement, the British government will not penetrate the British market. I insisted.

Many American farmers use growth hormones as the standard part of beef production and were banned from the British and European Union in the 1980s.

The United States has forced to relieve rules for agricultural products, including beef of cattle that have previously been growing hormones.

This is the area where the UK chose to adjust with the EU and the “BREXIT Reset” coming with the EU through the United States.

The tariff on ethanol, which comes from the United States to England, has also been abandoned.

National Farmers Union said, “It includes a large amount of Bioethanol. [a renewable fuel made from crops] There will be concerns about the British farmers in this contract. “

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