US and UK close to trade agreement - report ...Middle East

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 tariffs

This 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.

Surprisingly, the market reaction here has been very muted, even in GBP/USD.

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

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