U.S., U.K. hammer out details of trade deal

U.S. President Donald Trump and British Prime Minister Keir Starmer signed off on key specifics of a trade deal, the two leaders said on Monday at a trade summit. The countries rolled out the general terms of their agreement last month. In a Monday executive order, Trump finalized most of the proposed terms. The White House removed tariffs on some British aerospace products and slashed auto tariffs to a 10% rate for the first 100,000 cars Britain exports. The changes will take effect by the end of the month, according to the British government.

Starmer called the deal a sign of strength. Trump said the terms were fair to both the United States and Britain. Deals with other countries were in negotiations, he said.

Which parts of the deal are still in progress?

• Cuts to steel and aluminum tariffs still have not been established. Trump pledged to reduce import taxes on those goods once Britain makes changes outlined in the general terms, including to its supply chain.

• Britain and the United States have agreed to negotiate preferential tariff rates for U.K. exports of pharmaceutical products after Britain meets American supply chain security standards, according to Trump’s order.

• The two countries will also continue to formalize cooperation on national security efforts, Trump’s order said.

Dig deeper: Read my report on the deal’s terms as first announced last month.