UK near trade pact with U.S. with breaks for cars and steel, FT says

The United Kingdom and the United States are close to agreeing on a trade pact that would cushion the impact of Donald Trump’s tariffs by granting lower-tariff quotas for steel and car exports, according to Financial Times’ Jim Pickard, Peter Foster and Aime Williams, citing officials in London and Washington. A deal, set to be signed this week, is due to include quotas that spare some UK exports from the full brunt of the additional 25% tariffs that Trump levied on steel and car imports in February and March, the report said. Publicly traded automakers include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY). Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X).