President Trump signed an executive order lowering tariffs on UK car imports from 25% to 10%, a move praised by UK Prime Minister Sir Keir Starmer at the G7 summit. The order affects up to 100,000 UK cars but does not address UK manufacturers' hopes for reduced steel tariffs. Other trade benefits include lower levies on aerospace products and increased US beef imports. However, critics, including Conservative Party leader Kemi Badenoch, argue the agreement is limited compared to aspirations for a full free trade deal, which remains pending congressional approval.
Trade wars and tariff uncertainty introduce volatility into the global economy. For major enterprises, especially those with complex supply chains or international footprints, this creates hesitation around IT spending.
Despite the progress, opposition and leader of the Conservative Party Kemi Badenoch dismissed the deal as a 'tiny tariff deal,' arguing it falls far short of the comprehensive agreement long discussed by past governments.
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