A partial trade agreement that will reduce tariffs on a range of goods travelling between the US and UK has come into effect, with the British government estimating this will save hundreds of millions of pounds for businesses, as well as support hundreds of thousands of jobs.
Under the terms of the deal, tariffs on UK-manufactured cars imported to the US will drop from 25 percent to ten percent for the first 100,000 vehicles shipped across the Atlantic. The UK's aerospace sector is also set to benefit from zero-tariff ratings on a range of aircraft parts, including Rolls-Royce engines.
In exchange, the UK has removed tariffs on imports of US bioethanol and opened up greater access to agricultural products including beef - though US imports will still be subject to the same food standards as domestic produce.
Prime minister Keir Starmer said: "Our historic trade deal with the United States delivers for British businesses and protects UK jobs. From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy."
Industry groups in the UK have also welcomed the deal, with Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, describing it as a "huge relief" for companies that export to the "critically important" US market.
The UK government noted that it is also so far the only country to secure a deal with the US to exempt its steel and aluminum sector from 50 percent tariffs on all US imports of these products.
Elsewhere, president Donald Trump has suggested that he is set to begin implementing new tariff rates on a range of other nations as his self-imposed trade negotiation deadline of July 9th approaches. He stated in an interview with Fox News that notification letters to countries would be sent "pretty soon".