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US Secretary of Commerce Reveals Key Details of Historic US-UK Trade Deal
Diario As
Seguir
8/5/2025
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00:00
Howard, go ahead.
00:01
So the UK is the sixth largest economy in the world
00:05
and the fourth largest that we export to, right?
00:10
So it's a huge market, a top 10 market.
00:13
If you remember Liberation Day, they were at 10%
00:17
because we have balanced trade with the UK, right?
00:21
They say they have a surplus, but of course, that counts gold bullion, which is...
00:25
So let's just call it balanced trade.
00:27
So how do you open up a market in balanced trade?
00:30
People think it's impossible.
00:31
They've always thought it was impossible
00:33
until President Trump came on the scene and changed the way things work.
00:38
So here's what we've got.
00:39
We've opened up new market access, ethanol, beef, machinery,
00:45
all the agricultural products.
00:47
They've agreed to open their markets,
00:49
and that will add $5 billion of opportunity to American exporters.
00:54
So the question is, why would they do that now?
00:58
Because they've never done it before.
00:59
And we still have a 10% tariff on,
01:02
which will produce $6 billion of revenue for the United States.
01:06
So the idea was, how do they keep their jobs,
01:09
protect their economy,
01:11
and do the best for their people while opening the market for us?
01:14
And the way is they studied it, their team was exceptional,
01:18
and they tried to figure out the markets that they're importing from other people
01:22
and try to send them over to America.
01:25
So why were they always favoring others and not us?
01:28
And what they've done is they've found the ways to do that
01:31
so that we have new access, right?
01:35
But the UK workers are protected, and that was the balance.
01:39
So you've got, we did a deal with them in automobiles.
01:42
And you know, if you're not building here, we charge you a 25% tariff.
01:47
But the president, and by the way, I want to make this clear.
01:50
While Jameson and I worked hard, this was the president's deal.
01:53
And people think, oh, that's not the way it works.
01:55
If you got to sit next to him, I have the best dealmaker to my left.
02:00
And if you don't think that we take advantage of him
02:03
calling the prime minister and getting that deal done,
02:05
you don't understand who's the president of the United States.
02:08
So he's the closer.
02:10
He gets deals done that we could never get done
02:13
because he understands business.
02:15
He understands deals.
02:16
And that's why we're here today.
02:19
So he agreed they could send 100,000 cars into America
02:24
and only pay a 10% tariff.
02:27
And that protects their car industry.
02:29
And remember, we do 16 million cars a year.
02:32
So this is only like 0.6%.
02:34
But for the UK auto people, this is tens of thousands of jobs
02:40
that the president agreed that he would protect for them.
02:43
So he made that deal, right?
02:45
Then steel and aluminum, right?
02:47
Their steel business has been destroyed like everybody else has been destroyed
02:51
by people dumping steel into their markets.
02:54
And British Steel had announced it was closing down.
02:57
So the British government, as part of this deal,
03:00
nationalized British steel,
03:02
and they're going to match the kinds of models we do.
03:05
They'll put tariffs on.
03:06
They'll put quotas on.
03:07
They want to do it with America
03:09
so they can be part of the resurgence of steel and aluminum in America.
03:14
And that saves them, again, thousands and thousands of jobs.
03:18
So if you go step-by-step,
03:20
aero and commercial planes,
03:24
they sell Rolls-Royce engines to Boeing.
03:26
We've agreed to let Rolls-Royce engines
03:29
and those kind of plane parts to come over tariff-free.
03:33
And what you're going to hear today
03:34
is there's going to be an announcement in the UK
03:37
that they are buying $10 billion worth of Boeing planes later today.
03:43
But I'm going to let the name of the airline announce it
03:46
because that's theirs to do it.
03:48
Part of this deal was always to do it together
03:51
and to do it strong.
03:52
And you can see the numbers on this board.
03:54
Everything about this board works exceptionally well
03:57
for the United States of America.
03:58
It lays out the plan that you can work with us in autos.
04:02
You can work with us with aero and commercial.
04:04
You can work with us in pharmaceuticals
04:07
if you have a supply chain
04:08
that is secure and protected in national security.
04:11
So we feel really good about the deal.
04:14
You've heard the prime minister.
04:15
He feels really good about the deal, right?
04:17
And we started at 10% and we ended at 10%.
04:20
And the market for America is better.
04:23
And this is a perfect example
04:25
of why Donald Trump produced Liberation Day.
04:28
People don't understand he gets things done.
04:32
In a matter of time,
04:33
this would have taken Jameson and I
04:35
three years, maybe.
04:38
And instead, we got it done in 45 days,
04:41
certainly, because we work for Donald Trump.
04:44
So Jameson, my partner in all this,
04:46
maybe Jameson, you'd like to talk a little
04:47
and then we'll turn it over.
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