UK-US Trade Deal: Tariffs Slashed at G7 Summit

- British car exports to the US gain significant tariff reductions - UK aerospace products gain complete tariff elimination On 2025-06-17, Sky News, The Independent, Anadolu Ajansı, and Xinhua each reported that the UK and the US finalized and announced a major trade deal during the G7 summit in Canada. US President Donald Trump confirmed the agreement alongside UK Prime Minister Keir Starmer. The finalized agreement includes significant tariff reductions. British car exports to the US will benefit from a reduction in tariffs from 27.5% to 10% for up to 100,000 cars annually. Additionally, the agreement completely eliminates tariffs on UK aerospace products. However, negotiations on steel tariffs continue, as UK steel exports still face a 25% levy. The agreement, nevertheless, exempts these exports from a wider global 50% tariff. President Trump praised Prime Minister Starmer, emphasizing their positive personal and diplomatic relationship despite their differing political views. On June 17, US President Donald Trump stated during the G7 summit announcement, "We signed it, and it's done. It's a fair deal for both." He also assured that the UK is "very well protected" against future tariffs. Furthermore, he attributed this protection to his personal affinity for British culture and the UK's non-retaliatory strategy in response to earlier US tariffs. During the announcement on June 17, Trump highlighted the UK's calm approach to tariffs the US imposed in April and their subsequent pursuit of negotiations, a strategy he indicated proved crucial in securing the deal. Trump's cultural connection to Britain—including his Scottish heritage and admiration for the Royal Family—also played a significant part in the negotiations. The UK and the US formally presented the agreement at the G7 summit, following an agreement in principle they had reached in May. Subsequently, Trump signed an executive order to implement the key provisions of the trade pact. According to CoinMarketCap, on June 17, as of 12:00 UTC, Bitcoin (BTC) was trading at $45,217, and its 24-hour trading volume had increased by 1.8%.