The White House today announced a trade deal has been reached with the U.K. While the reciprocal tariff rate of 10% remains in effect for most imports from the U.K., the countries will negotiate an “alternative arrangement” to the Section 232 tariffs on aluminum and steel.

The trade deal expands U.S. market access in the U.K., creating a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers. For the U.K., the first 100,000 vehicles imported into the U.S. by U.K. car manufacturers each year will only be subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates.