US to cut tariffs on UK-made cars to 10% from 25%

Report from the Telegraph:

• This will be part of a 12-month temporary deal ahead of what sides hope is a comprehensive deal
• Will cut beef tariffs close to zero
• Tariff on UK steel exports will also be lowered, but rate not finalized

The announcement is running late but it looks like these are the important parts. It’s not much of a deal but it does leave room to negotiate away the 10% in a comprehensive deal. You’d have to think the UK thinks they can get there or they wouldn’t be taking down barriers but we’ll see.

This article was written by Adam Button at www.forexlive.com.