The UK and the US are about to reach a trade agreement, which will be signed later this week, reducing tariffs on automobiles and steel.

BlockBeats News, May 7th, according to the Financial Times, UK and US officials said that the UK and US are set to reach a trade deal that will provide lower tariff quotas for UK steel and automotive exports.

The agreement, set to be signed this week, will shield some UK export goods from the full impact of the 25% additional tariffs on steel and automotive imports imposed by Trump in February and March. A senior UK official said the negotiations are still "moving rapidly," and noted that there are still differences between the two sides on pharmaceuticals. The UK's proposals include concessions to Washington on the digital services tax, reducing tariffs on US automotive exports, and lowering tariffs on US agricultural products. (IG)