Here is what the US and the UK announced Thursday: President Donald Trump’s team took the US tax on British imports from 10% to checks notes 10%. Yes, it is the exact same tariff rate that Trump announced on April 2, but with some fun new carve-outs:
British cars: That Bentley you’ve had your eye on was going to be taxed at 27.5%, but now it’s only 10%. Great news for that sliver of Americans in the market for a Land Rover, Jaguar, Rolls-Royce or Aston Martin. No other consumer goods were mentioned.
Planes: British companies can now send plane parts to the US tariff-free. In return, British Airways is expected to order 30 Boeing 787 Dreamliner jets, according to Bloomberg.
Steel and aluminum: Taxes on steel and what the Brits call “aluminium” (adorable) will be scrapped.
Beef: Both countries get a bunch of tariff-free exports on commodities including beef and other agricultural products.
That’s honestly it — there are no more details, as both sides said specifics are still being ironed out. It’s not all that surprising, given that traditionally trade deals require months or even years of painstaking talks.
“A trade agreement where the details are still being negotiated is not an agreement,” said Joe Brusuelas, chief economist at RSM, on social media. “This does not provide the clarity necessary to lift the fog of uncertainty created by a trade war of choice.”
To hear the White House announce it on Thursday, though, you’d think they just won a Nobel prize and a gold medal. In a Truth Social post, Trump said it was “a very big and exciting day.”
