In a press conference today, President Trump announced a new trade deal that lowers UK tariffs on U.S. goods from 5.1% to 1.8%, while the U.S. maintains a 10% tariff on UK imports. A fact sheet was released by the White House which also highlights:

• A new auto tariff structure: 10% on the first 100,000 UK car imports, 25% thereafter
• And will set up a new framework to replace Section 232 steel and aluminum tariffs

This marks the first trade agreement announced since the 90-day higher country specific tariff pause (excluding China) that was initiated in April.

U.S. and Chinese officials are scheduled to meet in Switzerland on Saturday in a move seen as a step forward in efforts to ease ongoing trade tensions between the two countries.

Our team will continue to monitor these changes and provide an update when additional details on HTS codes are released. These regulations are subject to change so please reach out to your Mallory Alexander representative or our M-PACT team for further assistance with calculating tariffs by HTS code.