US removes tariffs on UK steel and aluminium, and cuts car rate to 10%, as Trump unveils trade deal

President Donald Trump has agreed to cut tariffs on UK autos, steel and aluminum in a planned trade deal with Britain, which would buy more American beef and streamline its customs process for goods from the United States, Report informs via AP.

The symbolically resonant agreement still has yet to be finalized, but it suggested that Trump was still able to negotiate with other countries after his vast set of tariffs stoked fears around the world of an economic downturn and higher inflation.

The announcement provided a political victory for UK Prime Minister Keir Starmer and offered a degree of validation for Trump's claims that his turbulent approach on trade may be able to rebalance the global economy on his preferred terms.

The US president talked up the agreement to reporters from the Oval Office, even as the fine print remains in flux.

“The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.”

The president said that the agreement would lead to more beef and ethanol exports to the UK, which would also streamline the processing of US goods though customs. Commerce Secretary Howard Lutnick said the baseline 10% tariffs would stay in place, while UK officials said that Trump's auto tariffs would go from 27.5% to 10% on a quota of 100,000 vehicles and the import taxes on steel and aluminum would go from 25% to zero.