Trade Minister: Britain is ready to implement US Tariff Deal

Jonathan Reynolds, the UK's trade minister, said that the United States is ready to implement their side of the tariff agreement with Britain. He is hoping for a declaration from Donald Trump in the next few days to make the deal effective. On May 8, British Prime Minister Keir starmer and Donald Trump agreed to lower tariffs for UK imports of steel and cars to the U.S. Britain also agreed to lower tariffs for beef and ethanol. However, the implementation of the agreement has been delayed.

Reynolds and U.S. Secretary of Commerce Howard Lutnick met on Tuesday to discuss the implementation of the agreement. Reynolds was asked on Thursday whether there would be a progress report by the end the week. He replied that he felt "very optimistic".

Reynolds told reporters, "We are ready to move forward, and we will implement our part of the agreement as soon as President Obama and the White House agree to do so." Reynolds told reporters that he will issue a government instrument known as a "statutory instrument" to implement changes to the reciprocal tariffs. Officials have said that an update on the implementation is likely to be released early next week.

Steel quotas are one of the last details to be worked out before the agreement can be implemented. Reynolds said he was keen to ensure that the tariff reductions were applied to all of the UK's steel industry as the U.S. finalises the quotas which will place supply-chain requirements on British exports to the United States. The bioethanol sector has been warned that its future is in danger, as Associated British Foods will decide on the fate of a facility later this month. Reynolds acknowledged that the deal would increase competition, but that the industry is already struggling.

Reynolds added that regulatory changes could be helpful, but for financial assistance, "any intervention I make must be a clear path to profitability."

There are wider issues than the U.S. Trade Deal for these partners." (Reporting and editing by Sharon Singleton; Alistair Smout)

(source: Reuters)