It was announced yesterday that the UK and US have finalised a deal to reduce trade tariffs.
The UK-USA Trade Agreement could unlock long-term prosperity for the sector.
Sue Robinson, CEO of the National Franchised Dealers Association (NFDA) said: “We welcome the agreement between the UK and United States to reduce tariffs and strengthen trade ties.
“This is a positive step that brings much-needed reassurance to businesses involved in transatlantic trade, including many of our dealer members and their manufacturing partners.
“This deal represents a significant opportunity for the UK automotive sector. Lower tariffs will help enhance the competitiveness of UK-built vehicles in the US market, support long-term investment, and streamline the flow of goods across borders.”
The NFDA expects the deal with bring benefits to dealers, manufacturers and consumers.
A stable trade environment will help support the sector as it manages inflation, evolving regulations, and the shift to zero-emission vehicles.
Mike Hawes, SMMT Chief Executive, added: “The application of these tariffs was a severe and immediate threat to UK automotive exporters so this deal will provide much needed relief, allowing both the industry, and those that work in it, to approach the future more positively.
“Government has recognised the importance of the automotive industry to UK exports and the wider economy and has worked quickly and tirelessly with US counterparts to strike an agreement.
“We hope that it will lead to broader and deeper cooperation that reduces barriers to trade still further, charting a path to economic growth for both nations.”
