Reacting to news that the US President has signed an Executive
Order on the trade deal with the UK, , BCC Head of Trade Policy,
said:
“News that the trade deal with the US
has been agreed on automotives and jet engines will be music to
the ears of affected sectors.
“They are desperate for tariff relief
and lower costs, and this new Executive Order should deliver
that.
“For the automotive sector, operating
under 27.5 percent tariffs on sales to the US over the past two
months has been tough. A reduction to a 10 percent levy from the
end of June will help order books, investment and
jobs.
“However, for steel and aluminium
firms the wait goes on. They have faced 25% US tariffs for the
past three months and are still awaiting the resolution of
outstanding issues on the new US
quotas.
“But the deal does also implement zero
tariff arrangements on UK Rolls Royce jet engines by the end of
this month - a vital part of aerospace supply chains in the
US.
“Both Governments should now build
upon this current deal to secure an agreement on digital trade to
make trans-Atlantic trade cheaper, speedier and more
efficient.
“We also need to make the case for
further tariff relief in other goods sectors affected by the US
reciprocal tariffs, from clothing to food and
drink.”
