US-UK Trade Deal Announced
The United States and the United Kingdom have signed a new trade agreement as the impact of Washington’s tariffs reverberate into a cessation of global free trade.
While the outline of the plan presented Thursday will see the existing 10% import tax President Donald Trump imposed last month on UK goods will remain in place, the deal will see some import taxes on strategic sectors such as cars and steel removed.
As part of the quid pro quo, America will see a boost in its export to the UK including agricultural products, beef and ethanol.
Steelmakers and car firms breathed a sigh of relief following the announcement with the hope being that jobs will be saved in those vital industries.
Last year, U.S. total goods trade with the United Kingdom were an estimated $148.0 billion. U.S. goods exports to the United Kingdom in 2024 were $79.9 billion, up 7.6 percent ($5.6 billion)from 2023. U.S. goods imports from the United Kingdom totalled $68.1 billion in2024, up 6.0 percent ($3.9 billion) from 2023. The U.S. goods trade surplus with the United Kingdom was $11.9 billion in 2024, a 17.4 percent increase($1.8 billion) over 2023.
Senator Praises Work of Global Movers
Senator Aubrey McCarthy praised the work of several relocation companies in the Irish Senate, Senead Eireann, as here marked on the insights gleaned from the 2025 FIDI Global Alliance conference in Dubrovnik, Croatia.
The annual event brought together over 600 global mobility leaders, including eight Irish companies, including Oman Beverly Smyth to discuss the challenges facing the moving and transport industry worldwide.
Senator McCarthy mentioned that his moving company AMC Removals “conveyed the collective concerns voiced by many delegates, notably the escalating trade tensions, often referred to as the “Trumpedemic”, and the resulting disruptions to global supply chains.”
In a post on LinkedIn the Senator said:
“A heartfelt thank you to the FIDI Global Alliance team lead by Jesse van Sas, Lydia C. & Magali Horbert for organising such a memorable and impactful conference. The collaborative spirit and shared commitment to excellence were inspiring.”
Bank of England Cuts Rates
The Bank of England cut its main lending rate by 0.25 percentage points to 4.25% Thursday in a 5-4 decision.
The split decision to cut by a quarter point comes amid global jitters about a global trade war instigated by President Donald Trump’s imposition on tariffs on several countries.
Speaking on the decision Bank of England Governor Andrew Bailey said that the trade war has exposed the unpredictability of the global economy informing a gradual cutting of lending rates:
"The past few weeks have shown how unpredictable the global economy can be. That's why we need to stick to a gradual and careful approach to further rate cuts," he said.
So far, the US Federal Reserve and BoE have opted for a gradual cut to rates while the European Central Bank has cut rates even times this year to 2.25% currently.
High wage growth and above-target inflation, due to high energy costs, constrains the ability of the bank to cut rates.
In an assessment on the impact of tariffs, the BoE estimates the economy will shrink by 0.3% in three years’ time with inflation reaching back to its 2% in Q1 2027.
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