The arrangement keeps in place a 10% baseline tariff, according to people familiar with it, who spoke on condition of anonymity to discuss the terms. The 10% level is seen by administration officials as a minimum floor on trading partners, essential to raising revenue in the US and deterring trade cheating.

In an earlier speech to mark the 80th anniversary of World War II. UK Prime Minister Keir Starmer described the US as “indispensable” to Britain’s economic and national security and said: “Make no mistake, I will always act in our national interest for workers, business, and families to deliver security and renewal.”

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