AsianFin -- U.S. President Donald Trump on Monday signed an agreement to reduce tariffs on key British imports, marking a step forward in ongoing U.S.-U.K. trade negotiations.

Under the agreement, tariffs on U.K. aerospace products will be reduced to zero, taking effect by the end of the month, according to the U.K. Department for Business and Trade. The deal also slashes tariffs on British auto imports, lowering duties to 10% on the first 100,000 vehicles, down from the previous 27.5% rate, the White House said.