Donald Trump and Sir Keir Starmer have hailed the agreement of a UK-US trade deal as a "historic day" for both countries.
Trump said he was "thrilled" to announce the deal on a telephone call with Starmer that was broadcast live, while the PM said it was “apt” that it was signed on VE Day.
As part of the deal, the US has removed tariffs on UK steel and aluminium and immediately slashed the rates on car exports from 27.5% to 10%.
The UK Government has been pursuing a deal with the US to reduce the impact of sweeping tariffs imposed by Trump last month, which placed a 10% levy on all UK exports and a 25% charge on steel, aluminium and cars.
In return, the UK has allowed reciprocal market access on beef and is removing the tariff on ethanol for US goods.
The prospect of a tariff deal was welcomed by the Governor of the Bank of England Andrew Bailey as he cut Interest Rates to 4.25%.
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