President Donald Trump and U.K. Prime Minister Keir Starmer on Monday announced a trade agreement to cut tariffs between the two countries.

The two leaders announced the trade agreement on the sidelines of the Group of Seven Summit in Canada. The president said the deal is “fair to both sides.”

“We have our trade agreement with the [United Kingdom] and it’s a fair deal for both, and it’s going to produce a lot of jobs, a lot of income, and we have many, many other ones coming,” said Trump. “The level of enthusiasm is very good, but the relationship that we have is fantastic.”

Starmer called the deal a “really important agreement.”

“This is a very good day for both of our countries, a real sign of strength. So, thank you again, Donald. A really important day for both of us,” he said.

.@POTUS and UK Prime Minister @Keir_Starmer present their signed trade agreement: "It's a fair deal for both — going to produce a lot of jobs, a lot of income." pic.twitter.com/CyQOUHVlvW

— Rapid Response 47 (@RapidResponse47) June 16, 2025

A copy of the general agreement released by the White House would set a 10% tariff for the first 100,000 vehicles imported into the United States from Britain. The agreement would also remove a host of tariffs on aerospace products.

The agreement does not set final terms for trade on steel and aluminum. The outline said that the British government would be working to meet American standards for supply chain security.

“In the General Terms, the United Kingdom also committed to working to meet American requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities,” the draft agreement says.

Trump and Starmer announced in May that the United States and United Kingdom had reached agreement on vehicles, steel, and aluminum.

“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” the president posted on Truth Social at the time. “Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement.”