Trump maintains a 10 % baseline tariff, and reduces the duties of cars and minerals in a commercial deal with the United Kingdom

On Thursday, US President Donald Trump confirmed a trade framework with the UK reducing the tariff on cars and minerals while maintaining a 10 % primary tariff as it is. The advertisement follows a phone call with UK Prime Minister Kiir Starmer. Under the plan, US definitions on British cars will decrease from 27.5 % to 10 % for a share of 100,000 vehicles. Steel and aluminum definitions will be removed. On the other hand, the UK will increase the purchases of American agricultural commodities, to simplify customs of American products, and reduce import taxes on about 2,500 elements, including olive oil, wine and sports equipment.The Republican President indicated that other countries that negotiate commercial deals with the United States may face more import taxes. In reference to the 10 % tariff rate in the United Kingdom, Trump said, “This is a low number,” and he argued that the countries in which the United States runs a commercial deficit – which claimed to have dealt with the United States unfairly – would be subject to higher definitions.Meanwhile, American stocks rose on Thursday, as the investor optimism grew after announcing the commercial deal between the United States and the United Kingdom, which could reduce the recession by reducing the specified tariff and restrictions.Earlier, during the simultaneous press conferences in London and Washington, Kiir Starmer appeared via the video link from the White House alongside Donald Trump, describing the American Trade Agreement and the United States “a wonderful and historic day”.