00:00Over in the UK, tariff cuts for the automotive and aerospace sectors have come into effect.
00:06This is after Prime Minister Keir Starmer finalised parts of a deal to secure relief from US import taxes,
00:12easing trade tensions and safeguarding British jobs.
00:16UK car manufacturers exporting to the US will now face a reduced tariff of 10%, down from 27.5%.
00:24In the aerospace sector, a 10% levy has been removed entirely.
00:29However, a 25% tariff on steel remains in place despite earlier plans to phase it out.
00:35Talks are ongoing as the US seeks more clarity on British supply chains and ownership structures.
00:42The UK government is expected to update Parliament on additional trade terms, including ethanol and beef quotas.
00:49Under the agreement, a 20% tariff on US beef imports will be removed, as well as a 19% tariff on US ethanol.
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