Donald Trump removes the 25% tariff on UK steel and aluminium, and immediately cuts the rate on most car exports from 27.5% to 10%.
The lower car rate applies to the first 100,000 vehicles exported from the UK to the US each year - 101,000 were exported last year, reports the BBC.
UK PM Keir Starmer says it's a "fantastic, historic" day, as he joined the Oval Office news conference via phone - he's now talking live, which you can watch above.
In return, the UK government says it's removing the tariff on ethanol for US goods, and agrees "reciprocal market access on beef".
For Trump, this is a much-needed "win" on tariffs - and he sounds triumphant, our reporter in the White House says.
Before the announcement, most goods imported to the US from the UK faced 10% tariffs, with higher rates on steel, aluminium, and cars.
