EPD meaning

This Practice Note sets out guidance on the newly unveiled United Kingdom-United States Economic Prosperity Deal (UK-US EPD). It therefore explains the legal implications of the UK-US EPD, considers how it interacts with existing US tariff measures, and outlines the broad parameters for negotiating the ultimate UK-US EPD as these concern the principal facets of trade between the UK and the US. Introduction Since entering office in 2025, President Trump has brought in substantial duties on goods arriving in the US. He began with a 10% levy on all Chinese products, later lifting it stepwise until it hit 145%. He also raised tariffs on specified items entering the US from any country. In March 2025, a 25% import charge on steel and aluminium came into force. Similarly, from April 2025, every imported vehicle was subject to a 25% duty. In early April a baseline tariff of 10% likewise applied to imports of virtually all products from almost all nations. Soon after, President Trump unveiled so-called ‘reciprocal tariffs’ targeting...

This Practice Note sets out practical guidance on the US’s initial measures to give effect to the broad terms of the United Kingdom–United States Economic Prosperity Deal (UK–US EPD). It therefore outlines how amendments to tariffs affecting UK vehicles, aluminium and steel goods, and the aerospace sector are being implemented in practice, at this initial stage. Introduction Since President Trump assumed office in 2025, a wide range of tariffs has been introduced by the administration. In response to these duties, several countries have sought to negotiate bilateral trade arrangements aimed at lifting or lowering such charges. On 8 May 2025, the UK and the US announced agreement to conclude the UK–US EPD. As at 8 May 2025, however, the parties had agreed only the general terms of the UK–US EPD. Those overarching provisions would guide the finalisation of negotiations on the UK–US EPD and permit the early implementation of certain elements. For guidance on the general terms, see Practice Note: General terms for the UK–US Economic Prosperity Deal....