The FT reports that the US and UK are close to a trade agreement that would lower UK quotas on cars and steel.

  • The agreement would include lower-tariff quotas for UK steel and car exports to the US
  • The UK is hoping to secure reductions in the sector specific 25% tariffs that Trump has levied on steel and autos
  • The UK's concessions include changes to digital services tax, cuts on US auto export tariffs, and reduced tariffs on US agricultural products
  • The UK refuses to accept US food production standards like chlorine-washed chicken
  • UK industries, especially luxury car brands like Bentley and Jaguar Land Rover, are facing "severe" impacts from the current tariffs
Source: Forex Live