Xinhua News Agency Washington/London, May 8 (Reporter Xiong Maoling and Zhang Yadong) US President Trump announced at the White House on the 8th that the United States and the United Kingdom have reached a new trade agreement, partially withdrawing tariffs in specific areas, and further expanding market access to products from both sides. However, many details of the agreement are yet to be finalized, and the so-called "reciprocal tariff" that the US previously imposed has not been cancelled.

  On May 8, US President Trump attended an event at the White House in Washington. Photo by Xinhua News Agency reporter Hu Yousong

  Trump told the media at the White House that final details of the agreement will be finalized in the next few weeks. British Prime Minister Stamer made a remote speech over the phone that day.

  According to documents released by the White House, the first 100,000 cars exported from the UK to the United States each year will be taxed at an additional tariff rate of 10%, while the excess will be taxed at an additional tariff rate of 25%. The UK will cut or lift non-tariff barriers and expand market access to US beef, ethanol, cereals and other products and some industrial products.

  On May 8, US President Trump attended an event at the White House in Washington. Photo by Xinhua News Agency reporter Hu Yousong

  The British government issued a statement on its official website on the same day saying that Britain and the United States will cut tariffs from each other. Tariffs on steel and aluminum products exported from the UK to the United States will be lifted. The tariffs on cars imported from the UK to the US will be reduced from 27.5% now to 10%. In addition, within a certain quota, the United States will also impose zero tariffs on the export of British agricultural products. The UK will reduce tariffs on ethanol imported from the United States to zero.

  In addition, the White House emphasized that the 10% so-called "reciprocal tariffs" previously imposed by the United States on its trading partners will continue to be retained. Trump told the media that the 10% tariff in the UK is not a template for other countries, which may be the minimum tariff, and other countries may be higher than this tariff rate.

  On May 8, US President Trump attended an event at the White House in Washington. Photo by Xinhua News Agency reporter Hu Yousong

  The New York Times reported that the agreement reached between the United States and Britain looked more like a framework agreement than a complete trade agreement. The two sides agreed to cancel tariffs on some specific commodities and reach a general consensus in other areas, but government officials of the two countries still need to meet in the next few months to finalize specific terms.

[Editor in charge: Wang Mengmeng]