JCB has welcomed announcements relating to trading in two key countries.
Britian made two landmark deals in a matter of days last week, confirming a trade agreement with the US and a trade deal with India which was described as a ‘huge economic win for the UK’.
The Rocester-based digger giant has welcomed the news of both and has called on Prime Minister Keir Starmer to ensure this is the start, not the end of negotiations in the case of dealing with the US.
The Prime Minister and the Business Secretary have been urged to move quickly to the next stage of lowering reciprocal tariffs on all traded goods to zero per cent.
JCB CEO Graeme Macdonald said: “As a UK manufacturer, JCB welcomes the reduction in car export tariffs from 27.5 per cent to 10 per cent for the first 100,000 cars exported. Likewise, we share in the relief that the UK steel industry must feel right now knowing that tariffs on steel exports will drop from 25 per cent to zero.
“However, the PM and the Business Secretary Jonny Reynolds must now go further and negotiate the removal of the 10 per cent baseline tariff on UK-made construction equipment, as well as on all UK-made cars and all other traded goods.”
Graeme, pictured above, added: “Today’s developments are good news for certain industries and we welcome today’s news, but let this be the start of the negotiations, not the end. Let’s move onto Stage 2 quickly and eliminate all reciprocal tariffs. It’s in the interests of all UK manufacturers, and ultimately, it’s in the national interest.”
JCB had said it will continue with recently announced plans to double the size of its new factory in San Antonio, Texas but the USA will still remain an important export market for certain UK-made machines.
JCB Chairman Anthony Bamford said: “Ultimately, we need the removal of that 10 per cent baseline tariff to support the export side of our business.”
Regarding the UK – India Free Trade Agreement, Lord Bamford said: “I’m very pleased that the UK Government got this deal over the line.
“India is the world’s most populous country with over 1.4 billion people living in the world’s largest democracy. I know from JCB’s experience of making and selling machines in India that British businesses looking to trade with India will be welcomed with open arms.
“The opportunity is huge, and the Free Trade Agreement will open the door to much improved trade between our countries – in both directions.”
