US President Donald Trump has removed the 25% tariff on UK steel and aluminium, and immediately cut the rate on most car exports from 27.5% to 10%. According to reports, the lower car rate applies to the first 100,000 vehicles exported from the UK to the US each year – 101,000 were exported last year

UK PM Keir Starmer said it was a “fantastic, historic” day, as he joined the Oval Office news conference via phone. In return, the UK government says it’s removing the tariff on ethanol for US goods, and agrees “reciprocal market access on beef.”

Before the announcement, most goods imported to the US from the UK faced 10% tariffs, with higher rates on steel, aluminium, and cars.