After the UK-US tariff agreement was established, sales of cars built in the UK to the US increased in July. According to data from the Society of Motor Manufacturers and Traders (SMMT), the 6.8% increase comes after three consecutive months of declining sales.
The sector was shocked when US President Donald Trump raised import tariffs on UK automobiles from 2.5% to 27.5% in April. However, both parties agreed in May that the taxes would be reduced to 10% starting at the end of June.
Although it noted that UK auto manufacturing was generally having difficulties, the SMMT claimed that July’s numbers “illustrate the impact of this deal. The significance of the UK-US trade agreement is highlighted by the fact that the US continues to be the biggest single national market for automobiles made in the United Kingdom, according to the SMMT.
Only the first 100,000 cars shipped across the Atlantic roughly the same number of cars the UK exported to the US last year will be eligible for the tariff reduction from 27.5% to 10%. The US comprised 18.1% of all UK auto exports for July, whereas the European Union is a significantly greater market for car manufactures, reaching 45.6% of exports.
Also Read:
Our Crisis of Hope: Dr. Tony McCaffrey
From Vision to Precision – Sowaba Shehzad Drives Innovation at Moulded Optics
