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ING Groep: Why the UK-US trade agreement will not signal a broader reduction in tariffs?
President Trump revealed that the United Kingdom is the first country to receive exemptions from some (but not all key) tariffs he introduced in recent months. On the surface, the United Kingdom seems to be doing quite well. At least, that's the case compared to reports circulating in recent days. According to a UK news release, tariffs on UK Steel and Aluminum will be reduced to zero, with no mention of quotas. Although UK Autos exports are subject to a quota limit of 0.1 million units, this essentially means that UK Autos exports (which constitute the vast majority of products exported in 2024) will face a 10% tariff instead of 27.5% (originally 2.5%, plus an additional charge by Trump).
Economists have welcomed the US-UK agreement, stating that its symbolic significance outweighs its substantive content.
Economists welcomed the trade agreement reached between the Trump administration and the United Kingdom on Thursday, stating that it represents Bullish Signals of flexibility from the USA on trade issues, and both sides can view it as a victory. However, the UK's role in US trade is relatively small, and under the agreement, the 10% tariff on UK Commodities will continue to be implemented. Paul Ashworth, an economist at Capital Economics, stated that the details released on Thursday were vague, "and additionally, as trade talks with China are also set to occur this weekend, there is a rush to showcase achievements in the 'agreement' before tariffs affect GDP growth and inflation."
