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Trump announces his first trade agreement with Great Britain. Here is what's in.

Trump announces his first trade agreement with Great Britain. Here is what's in.

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President Trump announced his first deal on Thursday since the start of a global trade war. He revealed a limited pact with the United Kingdom, which would reduce the obstacles for some goods such as automobiles and agriculture, while many details still need to be worked.

It is an “enormous trade agreement for both countries,” said Trump on Thursday in the Oval Office. “This is a fantastic, historical day,” added British Prime Minister Keir Strandmer, who joined the event on the phone.

“The last details are written” and will be completed in the coming weeks, added Trump.

An important change that is not used in the Offing is an adaptation to 10% of the basic tariffs that Trump was imposed from almost every country in the world. These obligations will remain in force in this deal. Trump repeats on Thursday that he sees 10% than the minimum and that other countries will be exposed to much higher duties.

President Trump makes a trade announcement in the Oval Office. (Jim Watson/AFP via Getty Images) · Jim Watson about Getty Images

The core of the deal is essentially a trade in which the UK will reduce the tasks in the most important sectors. Mostly in the focus are steel-and-tasks of the United States on steel produced in Great Britain from 25% to 0% sinking and automobil exports, in which the tasks are reduced from 27.5% to 10%, according to a press release.

“We started at 10%and ended with 10%”

In return, Prime Minister Starer promises to open up British markets more for things such as US cars, ethanol, machines and agricultural products, as well as so-colored concessions to so-called digital serviceuers that performed US technology companies.

In a social post, Trump actually directed “unprecedented” new access to the British market and claimed that the tariffs imposed by Great Britain would decrease from 5.1% to 1.8%.

Trump said that the deal also contains provisions on the quick persecution of exports and new economic security measures. Secretary Lutnick added that Boeing would make new purchases of British airport engines as part of the deal.

Read more: The latest news and updates to Trump's customs duties

However, the unanswered questions were plentiful.

In an example, Trump concentrated heavily on US beef exports in his opening speeches, but then admitted that Britain would not change its beef standards, which was a much greater trade than other topics such as tariffs.

“I think you will take what you want,” said Trump about beef exports.

“There will be no weakening of the British food standards for imports,” added London's publication and described the deal as a new access to the mutual market, including a new tariff -free rate for British farmers.

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