UK, US to reach trade deal this week, lowering tariffs on cars and steel

On May 7, according to the Financial Times, British and American officials said that the United Kingdom and the United States are close to agreeing a trade agreement that will provide lower tariff quotas for British steel and automobile exports. The agreement, which will be signed this week, will exempt some British exports from the full impact of the additional 25% tariffs Trump imposed on steel and automobile imports in February and March. A senior British official called the talks still "moving at a fast pace" and reminded that the two sides still have differences on the issue of medicines. The British proposal includes concessions to Washington on the digital services tax, a reduction in tariffs on American automobile exports, and a reduction in tariffs on American agricultural products.