UK-US economic deal: what has been announced?

• Tariff rates: both countries will reduce applied tariff rates on a preferential basis on each other's products as soon as possible. The US will also provide certain key UK imports with modified reciprocal tariff treatment, in line with shared national security priorities - including priorities identified in future Section 232 investigations.
• Beef: the UK's 20% tariff on US beef exports will be removed for 13,000 tonnes of US beef. In return, the US will reallocate 13,000 tonnes of its existing 'Other Countries' tariff for beef to the UK.
• Ethanol: the UK will remove tariffs on 1.4bn litres of US ethanol.
• Automotive: the US will lower the existing 27.5% tariff rate for UK automotives to 10% for 100,000 UK automotive imports. This will also include accompanying arrangement for attendant auto parts.
• Steel and aluminium: the US will construct a quota at Most Favoured Nation rates for UK steel and aluminium and certain derivative steel and aluminium products. The UK will work to meet US requirements on the security of supply chains of steel and aluminium products.
• Pharmaceuticals: both countries will negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients. The UK will aim to improve the overall environment for pharmaceutical companies operating in the UK.
• Section 232: both countries will adopt a structured, negotiated approach to other sectors that may be subject to Section 232 investigations or other tariff measures. This approach is subject to the UK ensuring the security of supply chains of products intended for exports to the US.
• Rules of Origin: both countries intend to apply rules of origin that maximise bilateral trade and prevent non-participants from using our bilateral arrangement to circumvent tariffs.

Both countries will work together to:

• Enhance agricultural market access, ensuring that imported food and agricultural goods must comply with sanitary and phytosanitary standards and other mutually agreed standards.
• Increase agricultural cooperation on areas such as certain export verification programmes and more formal bilateral engagement through international standard setting bodies.
• Treat conformity assessment bodies in the other jurisdiction no less favourably than those bodies located within their own territories.
• Build on existing Mutual Recognition Agreements by negotiating additional agreements across certain industrial goods and advance toward an agreement on services domestic regulation.
• Discuss principles and criteria used in order to recognise a standard as an international standard and will also discuss respective applicable standards for mutually agreed sectors of interest.

The US and UK will negotiate an ambitious set of digital trade provisions that will include services and financial services. This will cover paperless trade, pre-arrival processing, and digitalised procedures for the movement of goods.

Both countries intend to strengthen cooperation on economic security by:

• Coordinating to address non-market policies of third countries
• Cooperating on the effective use of investment security measures, export controls, and ICT vendor security
• Reaffirming their procurement commitments under the Agreement on Government Procurement
• Negotiating provisions on duty evasion customs cooperation to combat evasion schemes.

Both countries will discuss high-standard commitments related to Intellectual Property rights protection and enforcement, labour policies, and environmental policies and practices.