Overview

• Peter Mandelson confirmed ongoing negotiations to lower the 10% baseline tariffs that remained after the May trade deal on cars, steel and aluminium.
• London and Washington have agreed to address both reciprocal duties and non-tariff barriers to strengthen bilateral trade ties beyond sector-specific cuts.
• The two governments are aiming to leverage their existing agreement as a springboard for deeper collaboration on artificial intelligence to counter China’s technological ambitions.
• Mandelson called for a reinvention of the transatlantic alliance and urged Europe to boost its defence spending after decades of reliance on US security guarantees.
• The UK has also finalized a ‘reset’ deal with the EU to streamline post-Brexit trade and security cooperation without edging back toward full membership.