Britain is ready to move forward with its part of a trade agreement with the United States and is waiting for formal action from U.S. President Donald Trump to bring the deal into effect, Trade Minister Jonathan Reynolds said on Thursday.
Prime Minister Keir Starmer and President Trump agreed on May 8 to reduce tariffs on UK exports of cars and steel to the U.S., while Britain would lower tariffs on U.S. beef and ethanol. The deal has not yet been implemented.
Reynolds said he met with U.S. Commerce Secretary Howard Lutnick on Tuesday to discuss the next steps. He said he was hopeful a formal update would come soon. Once the U.S. side is ready, Britain will issue a statutory instrument to change the reciprocal tariffs.
One of the remaining issues is the steel quota system. Reynolds said the UK wants to ensure the tariff cuts apply to the whole steel industry and that the U.S. is finalizing supply chain rules linked to the quotas.
On ethanol, Reynolds acknowledged that the trade deal may increase competition for British producers. Associated British Foods is expected to decide later this month on the future of one of its ethanol plants. Reynolds said the industry is already facing financial difficulties and that government support would only be considered if it leads to long-term viability. He said broader problems remain beyond the scope of the trade deal.
