Implementing The General Terms Of The United States Of America-united Kingdom Economic Prosperity Deal
The executive order is issued under the President's authority as granted by multiple U.S. statutes.
It announces the General Terms for the Economic Prosperity Deal between the U.S. and the UK, aiming to improve trade access and bolster national security.
Key components of the deal include:
- Increased market access for American exports, particularly beef, ethanol, and agricultural products.
- Reduction or elimination of non-tariff barriers by the UK that affect American products.
- Establishment of a tariff-rate quota of 100,000 vehicles for UK automotive imports at a 10% tariff rate.
- UK commitments to meet U.S. security standards for steel and aluminum supply chains.
- Negotiations for preferential treatment of UK pharmaceuticals pending an investigation.
- A structured approach to address future U.S. national security concerns related to sections potentially facing investigations.
- Plans to enhance aerospace manufacturing supply chains through tariff-free trade on certain products.
The order establishes:
- A tariff-rate quota of 100,000 automobiles from the UK, with a reduced tariff of 10% (inclusive of most-favored-nation rates).
- A similar reduction for automotive parts from the UK, with tariffs adjusted to 10%.
Within 7 days, the Secretary of Commerce, in consultation with relevant agencies, will modify the Harmonized Tariff Schedule (HTSUS) as needed.
Tariffs on UK products under the World Trade Organization Agreement on Trade in Civil Aircraft are to be lifted, effective upon notice publication.
Future tariff-rate quotas for aluminum and steel articles from the UK will be established, maintaining duties on excess imports beyond the quotas set.
The order emphasizes compliance with existing laws and budgetary provisions and clarifies that it does not create enforceable rights against the U.S. government.
The costs associated with the publication of this order will be managed by the Department of Commerce.