Downing Street has confirmed that previously announced 25 per cent tariffs on the steel industry, imposted by President Donald Trump, have been reduced to zero.
Prime Minister Keir Starmer and Trump held a joint virtual press conferencetoday, touting the trade deal as a "historic day" for both countries
The Labour Government has been working towards a deal with the US to reduce the impact of sweeping tariffs imposed by the White House last month,
During the President's infamous "Liberation Day", a 10 per cent levy on all UK exports and a 25 per cent charge on steel, aluminium and cars were announced.
The White House and Downing Street have confirmed tariffs on British steel have been slashed to zero
PACabinet ministers are expected to update MPs on the discussions with the US with a statement in the Commons later this week.
This trade deal between the UK and US will be the first agreement since Trump announced the "Liberation Day” tariff announcement.
While speaking to the Prime Minster over the phone from the White House, the US President said the agreement was a "great deal for both countries".
However, Trump noted the “final details" of the agreement were still being "written up", stating: “The actual deal is a very conclusive one we think, just about everything has been approved".
The list of tariffs announced today at the White HouseWHITE HOUSEFollowing the conference, Starmer told the press: "We are the first country to secure such a deal with the United States and in an era with global insecurity and instability that is so important.
"If it’s not good for Britain, we won’t do it, if it doesn’t mean more money in people’s pockets, we won’t do it, if it doesn’t mean security and renewal in every part of the country, we won’t do it.
"That doesn’t mean we’re turning inwards, we’re sending a message to the world that Britain is open for business, striking trade agreements with India on Tuesday, with the US today and working to boost trade with other partners too, including of course the EU with whom we have a really important meeting a week on Monday.
“Trade deals will benefit working people. In recent years an idea has taken hold that you somehow show your strength by rejecting your allies, that you shut the door, put the phone down, storm off, I’ve had plenty of people urging me to do that, rather than stay in the room and fight for the interests of our country."
"I want to be absolutely crystal clear that that is not how this Government operates... We don’t storm off, we stay in the room and we negotiate with our national interest foremost at our heart."
The Prime Minister noted that this deal does not mean that the UK is picking the US over the European Union.
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Prime Minister Sir Keir Starmer during a visit to meet British Steel workers in Appleby Village Hall near ScunthorpePAHe added: " genuinely believe that we can have a good relationship and agreement with the US and a good relationship and a good agreement with the EU.
"That’s why the red lines have been really important in the way that we’ve negotiated this.”
As well as this, Starmer claimed the deal showed the importance of “not doing politics as performance but doing politics as the serious art of negotiation”.
