Asked by: Liam Byrne (Labour - Birmingham Hodge Hill and Solihull North)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what estimate his Department has made of the level of the tarrifs avoided on an annual basis as a result of the US-UK Economic Prosperity Deal based on the following assumptions: (a) 100% tariffs removed on pharmaceuticals worth £6.6 billion; (b) a reduction in automotive tariffs from 25% to 10% applied to £9 billion of UK car exports, assuming full utilisation of the applicable quota; (c) 10% tariff removed on £2.2 billion of aerospace exports; and (d) 25% tariffs removed on £0.4 billion of steel and aluminium exports; using export values from the Office for National Statistics, and if not, what alternative assumptions and estimates the Department uses.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Negotiations on the UK-US Economic Prosperity Deal are ongoing. Discussions include tariff and non‑tariff barriers, digital and services trade, and sectors under section 232 investigation.
We will keep the House fully informed on these developments along with the expected economic outcomes of any final agreement.
Impact assessments are completed at the conclusion of a Free Trade Agreement.