Starmer’s trade deal with the United States “covers only a quarter of UK exports” as huge pharmaceutical industry is in trouble – film industry remains threatened, Trump “tax targeting tech companies”

The British are digesting the impact of today’s trade agreement with the United States, as the numbers show it covers only a quarter of UK exports.

The theater announced by the Prime Minister and the U.S. President last night would reduce tariffs from 25% to 10% for the top 100,000 cars sent to the U.S.

The levy on steel exports will also be cut from 25% to zero in exchange for discounts such as reducing tariffs on U.S. cars and farmers getting more tariffs to the UK market. In an interview this morning, Treasury Secretary Darren Jones insisted that 150,000 workers would be “relieved” because their jobs are no longer in danger.

However, the deal still makes tariffs higher before Mr. Trump launched an extraordinary trade war.

Sky News’ analysis shows that only a quarter of the £273 billion exports to states over the past five years will be affected by the agreement – the rest face 10% of the “baseline” fees.

This also assumes that the key pharmaceutical industry, which accounts for £25.2 billion in the period, could exempt Mr Trump’s next waste tariffs – which seems far from certain.

The agreement does not include any provisions of the British film industry after the president threatens 100% tax on foreign-made films.

And, the United States does not seem to help the technology giants by reducing the digital service tax.

“Nothing is good news…these tariffs didn’t come forward,” Mr Jones told the BBC without terms on pharmaceuticals and movies.

In other developments today:

• British Airways’ parent company announced it would buy 32 new Boeing aircraft from the United States, a move that the U.S. Commerce Secretary marked last night.
• Bank of England Governor Andrew Bailey insists that Britain must “rebuild” trade relations with the EU in a Conservative warning of Sir Keel’s “reset” of Brexit;
• Ministers denied that Mr. Trump had a “veto” of China’s investment in the UK.

Keir Starmer went to Solihull’s JLR factory yesterday to announce the agreement

The overall trade of goods between the United States and the United Kingdom is basically balanced, with 59.3 billion pounds exported to the United States and 571.1 billion pounds imports

The deal was the first trigger for the United States since Trump’s so-called “Liberation Day” tariffs shocked the world.

Ministers are concerned that leading automakers are ready to lay off thousands of jobs unless tariffs are lowered.

Sources said Jaguar Land Rover is ready to announce “hundreds” of unemployment next week.

Mr Jones challenged Britain to be bad before Trump imposed a full tariff, telling Time Radio: “The counterfactual is the world we live in, not the world we want to be. It’s a good deal for Britain about the world we live in.

“We are the first country in the world to negotiate a deal with the U.S. president to get rid of those tariffs on global trade tariffs.

“It is worth celebrating for the UK economy and the workers working in these sectors.”

Mr Jones told the BBC: “If I would rather be in a world without tariffs, of course I would. But it is not a world where there is existence. So, it is not a choice on the table. The choice on the table is that there is no trade agreement with the United States and has higher tariffs, or a trade agreement with the United States and has lower tariffs.”

“We have signed the deal. In key UK manufacturing industries, we have lower tariffs. Thanks to this trade agreement, we have protected the livelihoods of 150,000 people. That is, by definition, it is actually better because of the actions taken by the government to support the working people across the UK. ”

Mr Trump said the speed of dealing with the UK was only due to Britain’s position outside the EU.

He hinted that rival automakers in EU countries, such as Germany, are unlikely to reach similar deals.

Boris Johnson praised the importance of Brexit in closing a deal last night and stressed that Sir Keir “had received dividends from this policy, which he had barely supported at the time”.

Ministers have failed to make any progress to reduce 10% of the “baseline” tariffs on various exports to the United States.

The UK also appears to have agreed to prevent cheap Chinese steel and medicines from leading to the United States through the UK as a “supply measure.”

The White House said that the overall U.S. tariffs on British goods remained higher from 3.4% to 10% compared to positions before Liberation Day, while Sir Kyle agreed to reduce U.S. goods tariffs from 5.1% to 1.8.

Kemi Badenoch said the UK was “stand up” by the deal. “We cut tariffs – the United States tripled,” she said.

Other Conservatives criticized the deal for insufficient progress.

Shadow Business Secretary Andrew Griffith told the BBC Radio 4 Today’s show: “There were some nice elements yesterday’s deal – I think the auto industry and the steel industry will at least welcome the reduction. But overall, it’s a disappointment.

“It is not clear that pharmaceutical companies are a very large British industry with nothing on movies and TV, but (at the start of the week) the government talks about 100% tariffs.

Mr Trump and his team line up in the Oval Office with British Ambassador Lord Mandelson

Last night, Mr. Trump and Lord Mandelson shook hands at the White House

Sir Keir had a weird chat with Mr Trump when he finally settled these terms

“In the classic sense, this is not a trade agreement.”

Mr Griffith said the deal did not provide any mutual recognition between the United States and the United Kingdom and urged the government to return to the table with its peers to negotiate a “comprehensive agreement”.

But the Prime Minister said: “The question we should ask is, is it better position than yesterday?”

He claimed to have a breakthrough testament to his emollient attitude towards Mr. Trump, adding: “My administration puts Britain in front of the queue because we want to work constructively with our allies.”

Government sources acknowledged that the deal did not reach a promise for raising all relevant U.S. taxes, but said ministers decided to immediately set up some deals ahead of schedule to prevent redundancy in the automotive industry.

Commerce Secretary Jonathan Reynolds said the “importance” of the U.S. market to high-end exporters such as JLR, Aston Martin and Bentley means the UK is facing a “upcoming announcement” job loss if the 25% tariff remains.