Trump's UK Trade Deal Leaves Key Issues Unresolved
finance.yahoo.com

... President Donald Trump pitched his trade framework with the UK as a historic achievement, and the first step in his revolutionary effort to overhaul the global economy.

But as the president began revealing specifics of the deal, it became clear it fell short of the "full and comprehensive" agreement he had promised, or the US-UK free-trade pact he pursued during his first term.

Trump had hoped the announcement " pegged to the 80th anniversary of the Allies' World War II victory in Europe " would reignite confidence in his economic agenda. He carefully stage managed the ceremony, posting hints to social media and having UK Prime Minister Keir Starmer dial in to the phone sitting on the Resolute Desk to herald the agreement.

The framework gives the US increased market access and a faster customs process for exports to the UK, while the UK will see limited relief on autos, steel and aluminum duties. Many other details were left to be negotiated later.

"From the point of view of markets generally, as well as those who are concerned about the US economy, this is a nothingburger," said Tim Meyer, an international trade law professor at Duke University School of Law. "There's nothing really to see here. Obviously this is a framework, this is not actually an agreement."

Starmer conceded the pair needed to "finish ironing out some of the details," but hailed the understanding as "fantastic." Trump brushed aside questions about whether he had over hyped the agreement, instead framing it as "a great deal for both parties." ...

Op-Ed: The dead make a deal -- UK and US put lipstick on tariffs
www.digitaljournal.com

... Two of the world's most politically battered economies, the Brexit-maimed UK and the Trump-addled US, have made a deal on trade. The deal looks more like a restaurant bill than a major step in any direction for either party.

This deal is literally just a 6 bullet point list that fits nicely into a paragraph, see this link for details.

A critique is in order.

Britain can now export 100,000 cars to the US at lower tariffs for some vehicles. You'd think Santa Claus had arrived early. The media is beating up this deal ad nauseam. Most British cars are manufactured under license from foreign makers. 100,000 vehicles is barely a teaspoon in the US market with its high turnover.

British steel is now tariff-free. The much shrivelled and shrunken British steel industry is no doubt in raptures. It doesn't have anything like the production capacity to make any sort of impression in the US market.

The UK is expected to buy $10 billion worth of Boeing aircraft "in return" for tariff-free exports of US plane parts to Britain. It's anyone's guess how this equates to any sort of positive deal for Britain.

There will be "reciprocal" access for beef between the US and the UK. It's a matter of opinion whether either market can afford beef at retail prices.

There will be "further talks" on pharmaceuticals. The decaying carcasses of the UK and US health sectors and their murderous domestic environments apparently aren't under consideration for relief for the users of these pharmaceuticals. They need more than a slightly cheaper aspirin.

This triumphant farce is supposed to be the epitome of top-level international trade negotiations. Trump needed to make a deal with someone to shore up the damage from the tariffs. Starmer needed to make a deal with anyone because Brexit has effectively crippled British trade. These lip service level terms of trade don't really make that much of an impression. ...

American Automakers Statement on Trump Administration's United Kingdom Trade Announcement
www.americanautomakers.org

...The U.S. automotive industry is highly integrated with Canada and Mexico; the same is not true for the U.S. and UK.

We are disappointed that the administration prioritized the UK ahead of our North American partners.

Under this deal, it will now be cheaper to import a UK vehicle with very little U.S. content than a USMCA compliant vehicle from Mexico or Canada that is half American parts.

This hurts American automakers, suppliers, and auto workers.

We hope this preferential access for UK vehicles over North American ones does not set a precedent for future negotiations with Asian and European competitors, said Governor Matt Blunt, president of the American Automotive Policy Council. ...

What is in the UK-US tariff deal?
www.bbc.com

... No tariffs on steel and aluminium

A 25% tariff on steel and aluminium imports into the US that came into effect in March has been scrapped.

This is good news for firms such as British Steel which was brought under government control as it struggled to stay operational.

However, the White House said it would impose a quota on the "most favoured nation rates for UK steel and aluminium and certain derivative steel and aluminium products."

It is currently unclear how much of these products the UK will be able to export to the US under this quota system without paying more.

It is also unclear whether the scrapping of tariffs will apply to steel derivative products and whether only steel melted and poured in the UK will benefit.

The UK exports a relatively small amount of steel and aluminium to the US, about 700m in total.

However, the tariffs also cover products made with steel and aluminium, including things such as gym equipment, furniture and machinery.

These are worth much more, about 2.2bn, or about 5% of UK exports to the US last year.

Industry body Steel UK said there were "a number hoops to jump through before the UK steel sector can see the benefits of this deal".

It said firms needed to know what supply chain conditions need to be met, what the quotas are and when they take effect. ...

So, subject to future negotiations,nothing definite now, it seems.