Corin Crane, the chief executive of the Coventry and Warwickshire Chamber of Commerce, said it would be welcomed by key industries to the region’s economy.
He also encouraged more firms across the region to grow their overseas markets to bolster growth.
Corin said: “The economy of our region has evolved over the years, but the car industry is still very important to us and is fundamental to our success, so it is hugely positive news for the President and Prime Minister to announce they’ve reached a deal in this area.
“I know it has taken a lot of hard work behind the scenes to reach this agreement with the US, which looks to be bearing fruit. The supply chain in our area will be thrilled with this news after months of uncertainty.
“It’s not only the car industry, we’ve got a strong base of aerospace businesses in Coventry, Warwickshire and the wider Midlands too, and this deal benefits them too.
“The Government has also made progress with India and the EU, which is a real sign that global trade is vitally important to our future growth.
“I would urge businesses across the region to get in touch with the team at the Chamber to find out how they can be supported with exporting. It might be something that’s brand new to them or they may be looking to expand their markets overseas, we’ve got a great team that can help them.
“Doing business internationally is proven to increase a businesses’ chances of growth, make it more efficient and more resilient.”
William Bain, British Chambers of Commerce Head of Trade Policy, said: “News that the trade deal with the US has been agreed on automotives and jet engines will be music to the ears of affected sectors.
“They are desperate for tariff relief and lower costs, and this new Executive Order should deliver that.
“For the automotive sector, operating under 27.5 per cent tariffs on sales to the US over the past two months has been tough. A reduction to a 10 per cent levy from the end of June will help order books, investment and jobs.
“However, for steel and aluminium firms the wait goes on. They have faced 25 per cent US tariffs for the past three months and are still awaiting the resolution of outstanding issues on the new US quotas.
“But the deal does also implement zero tariff arrangements on UK Rolls Royce jet engines by the end of this month – a vital part of aerospace supply chains in the US.
“Both Governments should now build upon this current deal to secure an agreement on digital trade to make trans-Atlantic trade cheaper, speedier and more efficient.
“We also need to make the case for further tariff relief in other goods sectors affected by the US reciprocal tariffs, from clothing to food and drink.”
For international trade support, contact the Chamber on 024 7665 4321 or go to https://www.cw-chamber.co.uk/international-trade/exporting-starts-here/
