President Trump on Thursday unveiled an outline in principle of a new trade agreement with the United Kingdom. Many specifics about the deal were not immediately clear, including if U.S. chicken will be included, and nothing was signed during the Oval Office event.
“We support the administration’s goal of expanding export opportunities for U.S. agricultural products,” said NCC spokesperson Tom Super in response to the announcement. “We look forward to seeing the final details of the deal and continue to urge that U.S. chicken be included, in this deal, and hopefully many more to come.”
A fact sheet from the White House said that the trade deal will:
- Keep in place a 10% blanket U.S. tariff on U.K. imports.
- Adjust tariffs on U.K. autos so that the first 100,000 vehicles imported from U.K. car manufacturers each year are subject to a 10% rate, and any additional vehicles face 25% rates.
- Create a “$5 billion opportunity for new exports” for U.S. farmers, ranchers and producers, including more than $700 million in ethanol exports and $250 million in American beef and other agricultural products, including ethanol.
- Commit both countries to working together to enhance industrial and agricultural market access.
- Close loopholes and increase U.S. firms’ competitiveness in the U.K.’s procurement market.
- Streamline customs procedures for U.S. exports.
- Establish commitments on intellectual property, labor and the environment.
- Secure the supply chain of U.S. aerospace manufacturers through preferential access to high-quality U.K. aerospace components.
- Create a secure supply chain for pharmaceutical products.
- Require the U.S. to negotiate an “alternative arrangement to the Section 232 tariffs on steel and aluminum.” That includes creating a “new trading union for steel and aluminum.”
U.S. Secretary of Agriculture Brooke Rollins announced she will visit the United Kingdom May 12-14. “I am traveling to the UK next week on my first foreign mission to meet with my counterparts and discuss the commitments of this deal,” she said. “Our strong cultural and political ties between our countries have led to incredible economic prosperity. It is our goal to achieve even closer relations, and we are thankful for a deal that benefits both countries and gives American farmers, ranchers, foresters, and food processors better access to the UK market and the ability to compete for this business.”
