This deal will be met with a huge sigh of relief by many British businesses.
The reduction in the 25% tariffs on most of our automotive exports and the removal of levies on steel and aluminium are the biggest wins.
These sectors had been left reeling as jobs, investment and sales were all cut or put on hold. This framework agreement will give them some much needed certainty. They will be keen to see it quickly enacted so they can swiftly re-establish orders and supply chains.
The news on aerospace, including jet engines is also good news, as is additional protection from tariffs on our pharmaceutical sector.
But this must not be the end of the process; we must continue to push the argument for free and fair trade across all economic sectors and that tariffs are a lose-lose position.
