US-UK trade deal: UK can send 100,000 cars into US, pay a 10% tariff, says US Comm Secy

US Commerce Secretary Howard Lutnick on Thursday confirmed that under the newly announced US-UK trade agreement, the United Kingdom will be allowed to export up to 100,000 cars annually to the United States, subject to a 10% tariff.

Speaking from the Oval Office during President Donald Trump's press briefing on the deal, Lutnick said the agreement would generate significant benefits for American exporters. “They’ve agreed to open their markets and that will add $5 billion of opportunity to American exporters,” he said.

Lutnick also emphasized that the tariff structure remains favorable to the US economy. “We still have a 10% tariff on, which will produce $6 billion in revenue for the United States,” he added.

Addressing concerns about the UK’s domestic economy, Lutnick noted that the deal is structured in a way that won’t burden British workers or industries. “The country’s workers won’t be negatively affected,” he said, framing the agreement as balanced and mutually beneficial.

Lutnick alluded to a significant upcoming agreement involving a UK airline and Boeing, worth $10 billion. The specific airline involved in the deal was not disclosed. However, Ryanair, an Irish airline, had previously mentioned its potential cancellation of a large Boeing order due to ongoing US tariffs.

Boeing's stock saw a 3% increase on Thursday despite concerns about the impact of tariffs on its business. CEO Kelly Ortberg stated that the company is actively engaged in discussions with the administration to mitigate trade challenges.

"Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day. As part of this Deal, America will raise $6 BILLION DOLLARS in External Revenue from 10% Tariffs, $5 BILLION DOLLARS in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the U.S. and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED," Trump wrote on Thursday.