Donald Trump, US president, is to announce the conclusion of a commercial agreement with Great Britain on Thursday. “New York Times” reports that sources close to negotiations talk about the “significant victory” of both countries.
A press conference scheduled for Thursday at 10:00 local time in the oval office is to officially confirm the agreement. It can become the culmination of many years of efforts, which began during the first term of President Trump, informs “NYT”.
“A great trade agreement with representatives of a large and very respected country. The first of many!” – the president wrote in social media Donald Trumpannouncing a conference.
Negotiations, although suspended during Biden administration, regained the impetus after Trump's return to the White House. The Prime Minister of Great Britain Keir Starmer consistently sought to strengthen the relationship with USAas evidenced by the invitation of President Trump by King of Charles III for the second official state visit.
What can the US agreement – Great Britain include?
“New York Times” predicts that the agreement will cover the reduction of British tariffs to American agricultural cars and products and the abolition of British taxes to American technology companies. The key areas of negotiations are tariff rates, non -tariff barriers and digital trade.
According to the New York newspaper, industry experts suggest, however, that the first stage will probably be “only a contract for the start of negotiations” – a framework action plan, not a comprehensive free trade agreement, which would require the Congress of the USA to be approved by the US Congress and for many months of detailed arrangements.
Current trade relations between the USA and Great Britain are burdened with 10 percent. A global tariff applied by Trump's administration in April this year, as well as 25 percent. duties on steel, aluminum and cars. Sources in administration indicate that the abolition of a basic 10 percent Tariffs are not currently being considered as part of the contract.
Despite commercial tensions Great Britain She avoided additional “retaliation” duties. This is due to the positive trade balance for the USA. The British import more American goods than export to the United States.
Negotiations of the Trump administration
The administration in Washington conducts parallel commercial negotiations with India, IsraelSouth Korea, Japan and Vietnam. President Trump recently emphasized his strong negotiating position, stating: – We don't have to sign contracts. They must sign contracts with us.
British officials also talk to the European Union, trying to balance their trade relations after Brexit, emphasizes “NYT”.
Source of the main photo: PAP/EPA/SAMUEL CORUM/POOL