New York [US], June 17: On the sidelines of the G7 Summit in Canada on June 16, President Trump held up a newly signed trade agreement and praised the relationship with the UK as "fantastic".
Meanwhile, Reuters quoted Prime Minister Starmer as saying that the agreements reached on car and aerospace tariffs would be implemented, but did not provide details. "This is a great day for both our countries, a real sign of strength," Mr. Starmer said.
Reuters cited three sources familiar with the matter as saying that the statement on the terms of the deal would include provisions on trade in steel, ethanol, autos and beef .
So far, the UK is the first country to reach a tariff reduction deal with President Trump, in which the US reduces import tariffs on cars , aluminum and steel from the UK. In return, the UK agreed to reduce tariffs on beef and ethanol from the US.
"Putting trade deals into effect can take months, but we are delivering the first set of deals in weeks. And we will not stop there," UK Trade Secretary Jonathan Reynolds said in a statement.
Mr Reynolds said Britain would import 13,000 tonnes of beef a year from the US, and the US would import a similar amount from Britain, but the US beef would have to meet Britain's strict food safety standards.
For his part, US Commerce Secretary Howard Lutnick will determine how much of Britain's steel and aluminium imports can enter the US, without being subject to Mr Trump's 25% steel tariff .
Mr Lutnick said both countries remained focused on securing "significantly favourable outcomes" for the UK pharmaceutical industry and would continue to work to protect the sector from any tariffs imposed under the Section 232 investigation launched by the US Department of Commerce.
In another development, Canadian Prime Minister Mark Carney said on June 16 that he agreed with President Trump that the two countries should try to complete a new economic and security agreement within 30 days. The announcement came just hours after Canadian officials said the US and Canada still had much work to do before the deal could be completed, according to Reuters.
Meanwhile, Japanese Prime Minister Shigeru Ishiba and US President Trump failed to reach an agreement on tariffs, Fuji Television reported on June 17.
Source: Thanh Nien Newspaper