Washington: US President Donald Trump declared on Thursday that a custom deal is being worked out with the United Kingdom, but indicated that its details still need to be finalized. Trump, speaking at a news conference at the White House, stated that the deal includes billions of dollars of increased market access for American exports, particularly in agriculture, by enhancing access to U.S. beef, ethanol, and other farming products.
According to Kuwait News Agency, the specifics of the deal are still being finalized. The U.K. plans to reduce non-tariff barriers that currently discriminate against U.S. products and will expedite American goods through the customs process. Trump mentioned that the final details of the deal are expected to be completed in the coming weeks, describing it as very conclusive and beneficial for both countries.
"This is now turning out, I think, really to be a great deal for both countries because it will be really great for the U.K. also. So, they're opening up the country, their country is a little closed and we appreciate that," Trump stated. He noted that both nations have been striving for years to reach an agreement, and it was finally achieved with the current prime minister.
US Commerce Secretary Howard Lutnick highlighted that the increased market access for U.S. exporters is anticipated to generate billions of dollars. "They've agreed to open their markets and that will add USD five billion of opportunity to American exporters," Lutnick remarked. He also mentioned that there remains a ten percent tariff, which is expected to produce USD six billion in revenue for the United States. Lutnick assured that the deal will not negatively impact the UK economy or its workers.
The agreement allows the UK to export 100,000 cars to the United States with only a ten percent tariff, he added.