Trump reveal details of US and UK trade deal - Wetin to know
Wia dis foto come from, Getty Images
Donald Trump and Keir Starmer don reveal details of a US-UK trade deal between di two kontries.
Di deal involve American exports of beef, ethanol, and oda agricultural products, Trump tok.
Di US president tok say Starmer dey "terrific" and "di special relationship… go soon dey stronger dan ever bifor".
Oga Starmer wey bin dey speak via videocall from di UK, say di deal go "boost trade" and create jobs. For Trump, dis na much-needed "win" on tariffs - and e so far sounds triumphant. Dis na according to di BBC rori pesin wey dey White House.
Currently, most goods wey dey imported to di US from di UK dey face 10% tariffs, wit higher rates on steel, aluminium, and cars - di UK also dey charge tariffs on some US goods
More details of di US-UK deal, from di UK government
- US tariffs on UK automotives dey immediately "slashed from 27.5%", with steel and aluminium reduced to zero
- Car export tariffs go reduce from 27.5% to 10% - dis go apply to a quota of 100,000 UK cars, almost di total of wetin UK export last year
- "In a win for both nations, we don agree a new reciprocal market access on beef - with UK farmers gwey go get a tariff free quota for 13,000 metric tonnes"
Earlier, di US and UK bin tease about di announcement to one deal to reduce tariffs today.
UK goment bin don dey call for deal to bring down di tariffs since President Trump sama tariffs on almost evri kontri for di world last month.
President Trump dey in support of di agreement wen e post on social media on Wednesday night, 7 May say im go announce one "major trade deal" wit one "highly respected kontri".
End of Di one wey oda users dey read well well
Downing Street also confam say di trade deal go happun.
On 2 April, Trump bin declare sharp tariffs on dozens of trading partners, bifor e announce one 90-day pause on di levies.
Goments from all ova di world don dey try to strike deals wit Washington bifor di new deadline pass.
US sama 10% global tariff for almost evri kontri for di world, wey include UK, wey be long-time ally of America.
Oga Trump also sama UK 25% US import tax on steel, aluminium and cars.
Di 25% car tariffs affect dem well-well as cars na UK number one export go di US - e worth around £9 billion for 2024.
UK currently impose 10% tariff on US car imports.
Washington dey close to agreeing trade deals wit India and Israel, according to reports.
Di administration also still dey in toks wit several oda kontris including Japan, South Korea and Vietnam.
Trump bin tok say im want make nations strike new deals wit di US as e try to radically reshape di global trading system.
Wetin sabi pipo bin say fit dey di UK-US tariff deal
E no go be free-trade agreement, wetin di kontris go announce today go likely be only di summary of a narrow agreement. Dis na wetin e fit contain:
Cars go dey important
- Di deal fit lower Trump import taxes of 25% on UK cars and car parts wey dey enta US
- Cars na UK biggest export to di US – e worth about £9bn last year
Steel and aluminium pact
- Di 25% tariff wey US sama on UK steel and aluminium still dey effective. US fit reduce am for dis deal
Pharmaceuticals neva dey clear
- Trump neva announce any trade restrictions on medicines yet, wey be UK second biggest export to di US
- However, danger dey say UK fit agree to a deal, but e fit dey hit later by global tariff
Digital services tax olive branch
- Speculation dey say UK fit lower dia 2% digital services tax on US firms in return for lower tariffs on things like car and pharmaceutical exports
Food standards no go dey included
- UK fit also reduce tariffs on US farm products but Chancellor Rachel Reeves dey clear say food standards - for example, allowing imports of chlorinated chicken – no go dey dis deal for domestic political reasons
