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What’s in the U.S.-U.K. trade deal and what does it mean for Canada?
@Source: financialpost.com
The deal includes some relief on recent tariffs for the United Kingdom, including on steel and aluminum, though details were not immediately released. There is also a tariff-rate quota on automobiles, allowing for 100,000 autos to be exported to the U.S. at a reduced tariff rate of 10 per cent, lower than the 25 per cent initially imposed by the U.S. on all foreign made cars. In exchange, the U.K. will open its market to U.S. agricultural products including beef and produce, as well as ethanol. Trump said this represents a “$5 billion opportunity” for the United States. It was expected that the U.K. would have to make concessions on its digital services tax, but that was not mentioned by either side in the announcement. “We wouldn’t rule it out yet with negotiations still ongoing,” economists at Toronto-Dominion Bank said in a note Thursday. Trump said there was also a special carve-out for Rolls-Royce Holdings PLC, allowing airport engines to be exported to Boeing tariff-free — while the U.K would later announce a commitment to buy $10 billion worth of Boeing planes. He also said that the U.K. will be joining the U.S. in taking steps to counter “dumping” of steel and aluminum to bolster the industry.
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