“The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers,” Trump said in a White House fact sheet.
“The UK will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products,” he noted.
“It’s going to not only protect jobs, but create jobs, opening market access,” Starmer said.
The Economic Prosperity Deal commits the countries to work together to enhance industrial and agricultural market access. It closes loopholes and increases US firms’ competitiveness in the United Kingdom’s procurement market.
It ensures streamlined customs procedures for US exports and establishes high standard commitments in the areas of intellectual property, labour and environment.
However, the reciprocal tariff rate of 10 per cent, as originally announced on Liberation Day, is in effect.
The total US-UK goods trade was an estimated $148 billion last year.
The United Kingdom maintains certain tariff and non-tariff barriers that restrict market access and create an unfair playing field for American workers and businesses, the White House fact sheet noted.
ALCHEMPro News Desk (DS)
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