The US and UK have reached a new trade agreement that reduces tariffs on certain British cars and allows limited steel and aluminium imports tariff-free, offering relief to key UK industries.

While the deal leaves most UK goods subject to a 10% duty, it lowers US car import taxes to 10% for up to 100,000 vehicles annually and restores quotas on steel and aluminium.

Both governments called it a major breakthrough, though analysts noted it doesn’t significantly change overall trade terms, the BBC has reported.

The deal also opens the door for increased beef and agricultural exports between the countries.

Written by B.C. Begley