Unpacking the details of the US-UK trade deal

Marketplace Morning Report

American Public Media

News, Business

4.5 • 808 Ratings

🗓️ 9 May 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

From the BBC World Service: Yesterday, U.S. President Donald Trump unveiled an agreement that will reduce import taxes on some British cars and metals and open up the British market to some U.S. beef. Plus, China says its exports to the States fell by 21% in April compared to the previous year. And, the owner of Zara wants the EU to close a tax loophole that favors exporters of cheap goods into Europe.

Transcript

Click on a timestamp to play from that location

0:00.0	Straight talk here. Federal funding for public media is at risk of being eliminated. That seriously affects our 800 local public radio stations that broadcast Marketplace, and that in turn impacts our bottom line. Marketplace needs your help to plan for an uncertain future. And to continue bringing you the news, interviews and stories about the economy as
0:22.1	it changes, every donation right now has a profound impact. Please give what you can at marketplace.org
0:29.1	slash donate and thank you. Let's take a closer look at what this UK-US deal really means. Good morning. This is the Marketplace Morning
0:39.3	Report and we're live from the BBC World Service. I'm Leanna Byrne. So markets have been reacting to this
0:45.7	new tariffs deal between the US and the UK. The two-sized announced a range of changes including
0:51.2	slashing tariffs on car imports from 25% to 10% and cutting duties on steel.
0:57.8	They'll also allow up to 13,000 metric tonnes of beef to be traded between the two countries each year,
1:04.2	tariff-free. Having said that, most UK goods will still face 10% duty. William Bain is from the British Chambers of Commerce,
1:13.1	which represents companies across the UK.
1:15.6	It provides tariff relief, which is much needed in key sectors of the economy,
1:20.1	like automotive, steel and aluminium products.
1:23.7	And we know from our contacts with businesses over the last eight weeks
1:27.4	how much harm and damage that the very high 25% tariffs were doing in these sectors.
1:33.8	So there will be a welcome from those sectors.
1:36.5	But we are very mindful that there are many other industries from clothing to industrial products which still face these additional 10% tariffs.
1:46.4	And we are not going to abandon our ambition to see those tariffs reduce further.
1:51.4	Meanwhile, the beef deal is sparking concerns among British farmers.
1:55.6	Liz Webster from the group Save British Farming says UK producers could struggle to compete with cheaper imports.
2:02.5	I'm very sceptical about doing deals with America in particular or any big food producers
2:09.9	who've got a huge advantage over us. We're a small island with a big population.
2:14.9	And then some major sectors were left out of the agreement, most notably
2:18.7	film and pharmaceuticals. Just this week, President Trump threatened to oppose a 100% tariff
	...

Transcript will be available on the free plan in 24 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from American Public Media, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of American Public Media and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.