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Highlights
- The UK and the US are nearing a pact to lower UK steel and car export tariffs.
- Parties are unable to reach agreements over pharmaceutical tariffs.
- Cryptocurrencies are holding their own amid raging trade wars to post impressive figures.
As the Trump tariffs reach a crescendo, the UK is confident of reaching a deal to reduce its steel and car export levies to the US. The incoming trade pact will see the UK offer a raft of concessions to the US in a reciprocal fashion.
UK-US Inches Toward Agreement To Lower Trump Tariffs
According to a Financial Times report, the UK and the US are nearing the inking of a deal tipped to lower previously imposed Trump tariffs. Per the report, negotiators are rippling with confidence of signing a deal to cut UK steel and car exports to the US.
The report predicts the signing within the week after a series of bilateral horse-trading between parties. The UK steel and car exports have been careening under the weight of a 25% Trump tariff imposed in April.
While the report did not immediately specify the tariff rate reduction, UK negotiators in Washington are confident of significant cuts given their range of concessions. Firstly, the UK is willing to cut the digital services tax imposed on US-based technology companies.
“Quotas are complex to operate and inherently limiting to trade,” said one automobile manufacturing executive. “The most important thing is cutting the 25% tariff because above 10%, it is just not sustainable.”
Secondly, the UK will slash its tariffs on US car imports while cutting levies on agricultural products. However, the UK negotiators are unsure about the prospects of pharmaceutical tariff cuts in the incoming trade deal.
The incoming deal follows India’s big concessions to the US and will trigger a chain reaction of nations scrambling to reach an arrangement with the US.
Cryptocurrency Markets Brace For Impacts From Trade Concessions
As the Trump tariffs intensify and countries scramble to the negotiating table, cryptocurrency investors are bracing for market impacts. As chatter around an incoming trade deal with the US grows louder, the crypto markets have risen by a modest 2% over the last day.
Although only a small rise, flashes of lower tariffs with China have stoked speculation for a crypto market rally. However, trade concessions may reduce crypto’s appeal as a safe-haven asset, lowering overall demand.
Bitcoin price has risen to nearly $100K amid an uncertain macroeconomic climate since the Trump tariffs went live. As trade concessions gather steam, investors are looking at the incoming FOMC meeting for indicators of Bitcoin price direction.
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