License to Export: 007 Reports on the UK-US Trade Deal

The Name's Bond Trade Bond

Right then seems the chaps in Washington and London have finally come to an understanding a trade deal of sorts. Effective immediately or as of Monday June 30th for those who prefer specifics we're looking at a preferential tariff rate for British cars heading stateside. I must say it's about time. All those Aston Martins were starting to feel rather lonely in the garage weren't they? Though I suspect Q Branch is more concerned about the aerospace benefits.

A Licence to Ship (with Tariffs)

The deal stipulates a 10% tariff on the first 100,000 British vehicles exported to the land of the free each year. Now I'm no Goldfinger when it comes to finances but even I know that anything beyond that sees a jump to a 25% import duty. One might say it's a gamble a calculated risk. A bit like my martinis some prefer them stirred others shaken but at the end of the day it all boils down to the right mix. 'Do you expect me to talk?' No Mr. Bond I expect you to pay tariffs!

Shaken Not Stirred: The Auto Industry's Relief

Figures from the Society of Motor Manufacturers and Traders (SMMT) suggest around 102,000 British cars were exported to the U.S. last year. The US emerges as top buyer of British cars globally. I gather this trade deal is a 'huge relief' for the UK automotive industry. Apparently the punitive tariffs brought the U.S. export market to a 'standstill'. It threatened the viability of some of the most famous names in British manufacturing. Good heavens we can't have that can we? Imagine a world without Aston Martins it doesn't bear thinking about!

The Steel Curtain Thaws

While cars grab the headlines the deal also addresses tariffs on other sectors. The U.S. has agreed to remove duties from Britain's aerospace sector which is a welcome development. London is still hard at work negotiating down tariffs on key industrial metals. Currently Britain enjoys a preferential 25% tariff rate on steel and aluminum exports to the U.S. compared to the 50% other countries face. But both nations are aiming for a 0% tariff on British steel. 'We will continue to go further' according to the government.

For Queen and Country (and Trade)

Prime Minister Starmer has touted this as a 'historic' deal safeguarding key industries and protecting jobs. And Mike Hawes CEO of the SMMT seems equally thrilled. Personally I'm just glad it means I can continue to requisition the latest models from Q Branch without causing a stir. 'Bond is not that easily distracted!'.

The World is Not Enough (Tariffs)

So there you have it. A new trade deal a flurry of tariffs and hopefully a smoother ride for British exports across the pond. Though knowing my luck there'll be some SPECTRE like organization trying to sabotage the whole thing before too long. Until then I shall raise a glass to Queen and Country. 'Cheers!'