ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Russia Seeks to Claw Back Soldier Bonuses After Crimes 
China to Inject $45 Billion Into State Financial Institutions 
China Inflation Accelerates in August as CPI, PPI Rise 
Chris Hipkins Targets Cost-of-Living Relief in New Zealand Election 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
US Judge Dismisses Imran Ahmed Deportation Lawsuit 
U.S. Envoy Warns Taiwan Conflict Could Devastate Global Economy 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Xi, Putin Reaffirm Ties With North Korea on Founding Anniversary 
UK House Prices Fall for First Time Since 2023 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Add as a preferred source on Google
U.S. President Donald Trump and UK Prime Minister Keir Starmer signed a new tariff agreement on the sidelines of the G7 Summit in Canada, aiming to deepen trade ties between the two nations. The deal reduces tariffs on key UK exports, including automobiles and aerospace components, while leaving steel and aluminum tariffs partially unresolved.
Under the agreement, the U.S. will lower tariffs on UK-made vehicles, allowing up to 100,000 cars annually to enter the U.S. at a 10% tariff—less than half the rate imposed on other countries. Tariffs on UK aerospace products, including parts and planes, will be eliminated entirely. Trump mistakenly referred to the agreement as an EU deal before clarifying it was with Britain.
The UK avoided steep tariffs of up to 50% on steel and aluminum, which could have taken effect by July 9. A quota-based exemption will be applied to these sectors, pending UK assurances on supply chain security. Commerce Secretary Howard Lutnick will determine quota limits.
The agreement also grants reciprocal access for 13,000 metric tons of beef, with UK food safety standards remaining in place. In return, Britain will reduce tariffs on U.S. beef and ethanol.
UK Trade Secretary Jonathan Reynolds hailed the deal as a major win for the UK's aerospace and automotive industries, noting Britain is the only nation to have secured such an arrangement with Washington. Both sides continue to negotiate preferential terms for pharmaceuticals and protections against future Section 232 tariffs.
Trump summed up the agreement by saying, “The UK is very well protected. You know why? Because I like them.” The agreement will take effect seven days after publication in the Federal Register.
