Trump formalizes tariff cuts for U.K. as trade talks continue

President Donald Trump signed an agreement Monday formally lowering some tariffs on imports from the United Kingdom as the countries continue working toward a formal trade deal

President Donald Trump signed an agreement Monday formally lowering some tariffs on imports from the United Kingdom as the countries continue working toward a formal trade deal.

Trump lowered tariffs on the U.K. aerospace sector to zero, which will take effect by the end of the month according to the U.K. Department for Business and Trade. The document also lowers tariffs on U.K. auto imports to 10% on the first 100,000 vehicles, according to the White House. Previously vehicles imported from Great Britain faced a 27.5% duty.

However, the agreement does not lower steel tariffs to zero as the two leaders agreed in May. "As the Prime Minister and President Trump have again confirmed, we will continue to go further and make progress towards 0% tariffs on core steel products," the U.K. government said in a statement. In the meantime, imports of U.K. steel products will continue to face a 25% duty.

"This now implements on car tariffs and aerospace. It's a really important agreement, and so this is very good day for both of our countries," U.K. Prime Minister Keir Starmer said.

Trump said alongside him: "It's a fair deal for both, and it's going to produce a lot of jobs, a lot of income. And we have many, many others coming."