US Tariff Relief for Automotives and Jet Engines

“News that the trade deal with the US has been agreed on automotives and jet engines will be music to the ears of affected sectors.

“They are desperate for tariff relief and lower costs, and this new Executive Order should deliver that.

“For the automotive sector, operating under 27.5 per cent tariffs on sales to the US over the past two months has been tough. A reduction to a 10 per cent levy from the end of June will help order books, investment and jobs.

“However, for steel and aluminium firms the wait goes on. They have faced 25 per cent US tariffs for the past three months and are still awaiting the resolution of outstanding issues on the new US quotas.

“But the deal does also implement zero tariff arrangements on UK Rolls Royce jet engines by the end of this month – a vital part of aerospace supply chains in the US.

“Both Governments should now build upon this current deal to secure an agreement on digital trade to make trans-Atlantic trade cheaper, speedier and more efficient.

“We also need to make the case for further tariff relief in other goods sectors affected by the US reciprocal tariffs, from clothing to food and drink.”