President Trump and U.K. Prime Minister Keir Starmer on Monday finalized key parts of the trade deal in principle their countries announced in early May.
On the sidelines of the Group of Seven summit in Canada, Mr. Trump said it was a “great deal” for both nations that would “produce a lot of jobs, a lot of income.”
The documents signed Monday will allow up to 100,000 British cars to enter the U.S. under a 10% tariff, down from a previously stated tariff of 27.5%. Also, Commerce Secretary Howard Lutnick will determine a quota of steel and aluminum products that can enter the U.S. tariff-free.
In return, the U.K. is expected to increase the quotas of U.S. farm products, such as beef and ethanol, that can cross its borders without a tariff.
“We just signed it and it’s done,” Mr. Trump said Monday next to Mr. Starmer at the summit. “The relationship that we have is fantastic.”
At one point, Mr. Trump dropped the papers as he tried to show them off to the press.
“Very important document,” Mr. Starmer quipped as both leaders chuckled and gathered the papers.
Mr. Trump in April announced, then paused, hefty tariffs on trading partners that sell plenty of products to the U.S. market but don’t buy nearly as much from American producers.
But so far, the White House has reached just one agreement – the May deal in principle with the U.K. – as it eyes a July deadline to ink pacts or reimpose big tariffs on dozens of nations.
Mr. Trump has toggled between saying he will simply reassign tariffs to individual nations and declaring that more deals are on the way.
“We have many, many other ones coming,” he said Monday.
He said the U.K., meanwhile, has nothing to worry about.
“The U.K. is very well protected, you know why? Because I like him,” Mr. Trump said of Mr. Starmer. “That’s their ultimate protection.”
