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The deal follows similar agreements the US has reached with allies including the European Union.
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As flagged yesterday, the US has repealed tariffs on UK steel and aluminium (not aluminum!) exports, and Britain has done the same to its retaliatory tariffs.
The article suggests that at some point the US and the UK will think about negotiating a free trade deal, however, the fine print to the article gives you a little clue to the relative importance that each side places on this.
Presently, as the article notes "While America accounts for nearly one fifth of total UK trade, the UK market represents just 5% of US exports." That still won't stop us claiming that we "hold all the cards", I suspect.