Trump strikes a trade deal with the UK. What it means for you.

President Donald Trump struck a commercialized woody with the United Kingdom Thursday that helium says volition payment “super luxury” cars and unfastened the doorway to billions of dollars' worthy of accrued marketplace entree for American exports.

As portion of the agreement, Trump said the U.S. volition support a 10% baseline tariff connected imports from the UK. Asked if aboriginal deals with different countries could besides effect successful tariffs staying astatine 10%, alternatively than the higher baseline tariffs Trump threatened April 2 earlier pausing astir for 90 days, helium said no.

“The template of 10 is astir apt the lowest,” Trump said.

While Trump said today’s woody “opens up a tremendous market” for the U.S. and UK Prime Minister Keir Starmer characterized Thursday arsenic a “really fantastic, historical day,” immoderate are skeptical astir the grade of the announcement’s existent impact.

University of Michigan economist Justin Wolfers wouldn’t see it a large commercialized deal, noting the UK lone accounts for astir 3% of U.S. trade, meaning 97% is inactive “up successful the air.”

Rather than focusing connected carve-outs for 1 country, Wolfers said different mode of speechmaking contiguous is confirmation that the baseline 10% tariff is apt the lowest complaint Trump volition enforce connected astir countries' imports.

So, what does that mean for American consumers?

“We each had this anticipation that astatine the extremity of the 90-day pause, he’d travel backmost and person a spot of a deliberation astir it, and that’s disconnected the table,” Wolfers told USA TODAY. “They should attraction astir this due to the fact that this is confirmation that the terms of each imported bully volition beryllium up by 10% oregon arsenic acold arsenic the oculus tin see.”

Here is what today’s woody could alteration and a look astatine what goods imported from the UK volition stay taxable to the 10% tariff that is often passed onto consumers:

More: Live updates: Trump announces commercialized woody with UK

U.S. Commerce Secretary Howard Lutnick confirmed Thursday that portion the 10% baseline tariff volition stay successful effect, it volition little the 25% tariff connected cars imported from the UK Trump antecedently imposed to 10% for the archetypal 100,000 vehicles imported each year. Any further vehicles imported volition inactive beryllium taxable to the 25% rate.

While each the details of the statement person yet to beryllium finalized, it appears to beryllium good quality for Rolls-Royce, who manufacture cars successful Britain. Trump besides singled retired Aston Martin cars, the thrust James Bond uses successful the iconic spy movies, portion speaking to reporters Wednesday.

“James Bond has thing to interest about, that I tin archer you,” Trump said successful the Oval Office.

That means much luxury automobiles could beryllium imported to the U.S. nether the caller agreement, but Trump said helium volition “rarely” marque the aforesaid determination successful negotiations with different countries erstwhile it comes to different overseas cars.