The United Kingdom and the United States will cut tariffs on each other.

On May 8, US President Trump announced at the White House that the United States and the United Kingdom had reached a new trade agreement, partially withdrawing tariffs in specific areas and further expanding market access for each other's products. However, many details of the agreement remain to be finalized, and the so - called 10% "reciprocal tariff" previously imposed by the United States has not been cancelled.

According to the document released by the White House, the first 100,000 cars exported from the UK to the US each year will be taxed at an additional tariff rate of 10%, and the excess will be taxed at an additional tariff rate of 25%. The UK will reduce or remove non - tariff barriers and expand market access for US beef, ethanol, grain and other products, as well as some industrial products.

The British government issued a statement on its official website on the same day, saying that the UK and the US would cut tariffs on each other. The tariffs on steel and aluminum products exported from the UK to the US will be cancelled. The tariff on cars imported from the UK to the US will be reduced from the current 27.5% to 10%. In addition, within a certain quota, UK agricultural products exported to the US will also be subject to zero - tariff. The UK will reduce the tariff on ethanol imported from the US to zero.

The White House emphasized that the so - called 10% "reciprocal tariff" previously imposed by the US on its trading partners would continue to be retained. Trump told the media that the 10% tariff on the UK was not a template for other countries. It might be the lowest tariff, and other countries might have a higher tariff rate.