COINOTAG News reports a pivotal development in international trade with a recent agreement between the United States and the United Kingdom. This arrangement stipulates a significant tariff reduction on UK-manufactured vehicles, specifically Land Rovers, set at 10%. This is framed as a 12-month interim arrangement, aimed at paving the way for a more comprehensive trade agreement in the near future.

As part of this deal, both nations have committed to slashing beef import and export tariffs to near-zero, although the UK will maintain its prohibition on hormone-treated beef imports. Earlier this year, President Trump enacted a 25% tariff on foreign vehicles, which had caused Jaguar Land Rover to pause US exports. The agreement provides for a quota of 100,000 vehicles from UK manufacturers to enter the US market under these lower tariffs.

Moreover, the current 25% tariff on UK steel exports to the US will also see reductions, though specific rates and quotas are yet to be confirmed. Industry insiders have expressed optimism, stating, “We will immediately reduce industry tariffs.”