The FT reports that the US and UK are close to a trade agreement that would lower UK quotas on cars and steel.
The agreement would include lower-tariff quotas for UK steel and car exports to the US The UK is hoping to secure reductions in the sector specific 25% tariffs that Trump has levied on steel and autosThe UK's concessions include changes to digital services tax, cuts on US auto export tariffs, and reduced tariffs on US agricultural productsThe UK refuses to accept US food production standards like chlorine-washed chickenUK industries, especially luxury car brands like Bentley and Jaguar Land Rover, are facing "severe" impacts from the current tariffsThis report is short on the critical question: What tariffs will the US continue to charge the UK? The UK overall is facing a 10% rate but also 25% of autos and steel. This appears to deal with only the latter two but it's short on details.
It looked last week like a deal with India was coming but now it looks like the UK could be first out of the gate.
Surprisingly, the market reaction here has been very muted, even in GBP/USD.
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