The Art of the Tariff: President Strikes Deal with UK

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President Trump once again shows that he’s a great negotiator.

With the deal he made with the UK, we’ll keep a 10% baseline tariff on British imports, no higher.

This pact opens up $5 billion in new export markets for U.S. producers.

“Your country was a little closed,” he said.

But no more! Time to do some business.

That also means imported crumpets should be a lot cheaper now, right? (I got my eye on those snacks at the World Market, they better lower their prices!)

USA Today reports:

President Donald Trump struck a trade deal with the United Kingdom Thursday that he says will benefit “super luxury” cars and open the door to billions of dollars’ worth of increased market access for American exports.

As part of the agreement, Trump said the U.S. will maintain a 10% baseline tariff on imports from the UK. Asked if future deals with other countries could also result in tariffs staying at 10%, rather than the higher baseline tariffs Trump threatened April 2 before pausing most for 90 days, he said no.

“The template of 10 is probably the lowest,” Trump said.

The White House release said the deal will create a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers, meaning the UK is opening its markets to import more American beef, ethanol and machinery.

“They’re opening up their country,” Trump said. “Their country is a little closed and we appreciate it.”

What does the US import from the UK?

While the deal reflects a warmer relationship between the U.S. and the UK, the baseline 10% tariff remaining in effect means Americans are still likely going to pay more for goods from the nation’s ninth largest trading partner.

The following are some other common imports to the U.S. from the UK, according to Trading Economics, that will be affected by tariffs:

Optical, photo, technical, and medical apparatus
Electrical and electronic equipment
Aircrafts and spacecrafts
Beverages, spirits, and vinegar
Works of art, collectors’ pieces, and antiques
Plastics
Furniture
Pearls, precious stones, metals, and coins
Essential oils, perfumes, cosmetics, and toiletries
Iron and steel
Toys, games, and sports requisites
Fish, crustaceans, molluscs, and aquatics invertebrates
Cereal, flour, starch, milk preparations and products
Aluminum
Soaps, lubricants, waxes, candles, and modelling pastes
Animal, vegetable fats and oils, and cleavage products
Ceramics products
Dairy products, eggs, and honey
Glass and glassware
Knit or crocheted articles of apparel
Coffee, tea, mate and spices

Hey, where’s the imported chocolates?



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