US and UK reach trade framework agreement

The United States and the United Kingdom have reached a trade framework agreement, which allows the first 100,000 cars exported by the United Kingdom to the United States each year to enjoy a 10% tariff preference, which is much lower than the current 25% tariff rate for cars in Canada and Mexico. British automakers see the agreement as a "lifeline". Mike Hors, CEO of the Society of Motor Manufacturers and Traders (SMMT), admitted that the threat of tariffs had made the industry sit on pins and needles, and now the agreement paves the way for UK-US trade.