Sakshi Venkatraman
Live reporter

Image source, EPA-EFE/REX/Shutterstock

British cars like the popular Range Rover SUVs will no longer face a 25% levy in the US. The UK is the only country to have secured this kind of agreement with the US - but there's a catch.

The agreement presented by Starmer and Trump today establishes that 100,000 British automobiles can come into the US with a 10% tariff rate. Anything beyond that is subject to a 25% rate.

In a 12-month period up to the end of the third quarter of 2024, UK vehicle imports to the US were worth more than $12.2bn (£9bn), according to the UK trade department, external.

UK automaker Jaguar Land Rover exports almost a quarter of its cars to the US, and had previously said the deal would secure "greater certainty for our sector".

For car parts, the agreement is slightly different. Parts made in the UK that are for use in UK cars will also have tariffs go down from 25% to 10%, but in that instance, there's no quota.

British Business and Trade Secretary Jonathan Reynolds said this deal protects UK workers and businesses.

“We agreed this deal with the US to ensure jobs and livelihoods in some of our most vital sectors were protected, and since then we have been focused on delivering those benefits to businesses," he said.

Tariffs are taxes charged on goods bought from other countries.

Typically, they are a percentage of a product's value.

A 10% tariff means a $10 product would have a $1 tax on top - taking the total cost to $11 (£8.35).

Companies that bring foreign goods into the US have to pay the tax to the government.

They may pass some or all of the extra cost on to customers. Firms may also decide to import fewer goods.

Since beginning his second term, Trump has implemented sweeping tariffs on imports to the US, leading to retaliatory actions from others including China and Canada.

• Read more: What tariffs has Trump announced?

Image source, Pool/Getty Images

The unveiling of a signed tariff deal between the US and UK was not without some hiccups.

As US President Donald Trump opened the document to show the media, several pages spilled out on to the ground.

Trump then referred to the document as a "trade agreement with the European Union".

Starmer later clarified it was a deal between the US and the UK, saying it was "a good day for both our countries, a real sign of strength".

Natalie Sherman
New York business reporter

President Donald Trump has signed documents to reduce tariffs on UK cars being imported to the US, which will bring into force parts of a tariff pact agreed between the two countries last month.

Speaking at the G7 summit in Canada, Prime Minister Sir Keir Starmer called the move a "very important day" for both countries.

The pact was the first that the White House has announced since it imposed tariffs on various goods entering America from around the world earlier this year.

But a 10% levy remains in place on most goods, including cars, arriving to American shores from the UK.

Anthony Zurcher
North America correspondent, reporting from the G7

At the end of the tariff deal announcement, I asked US President Donald Trump whether there are more deals to come.

"Yes. A lot of them," he said.

We now have some of the details of the US and UK's tariff deal.

Here are some points listed in the agreement, which was shared by the White House.

• The US will create an annual quota of 100,000 vehicle imports from the UK. These will have a 10% tariff
• The two allies committed to "strengthen aerospace and aircraft manufacturing supply chains" by establishing tariff-free trade for certain aerospace products

• If the UK meets certain requirements, the US will create a "a quota at most-favoured-nation rates for steel and aluminium articles" imported from the UK

Image source, AFP via Getty Images

In response to a question about future tariffs, Trump says that the UK is "very well protected".

"You know why? Because I like them," Trump said, and Starmer laughed.

The president tells press that Starmer has done a great job by achieving a trade deal his predecessors had been trying to do for six years.

The press conference concluded with the two walking off together.

Trump is asked if he has spoken to Netanyahu.

He says he's in constant touch with Israel and that he thinks a nuclear deal with Iran will be signed soon.

"Iran would be foolish not to sign a deal," Trump says.

Image source, Reuters

UK PM Starmer says it is a "really important agreement" with the US that includes car tariffs and aerospace.

It's a very good day for both our countries and a "real sign of strength", he adds.

Image source, AFP via Getty Images

Trump starts by introducing Starmer to the press as "the great Prime Minister of the UK".

The US president then holds up a document which the Prime Minister describes as "very important".

Trump says it's a trade agreement which is going to bring a lot of jobs and income to both countries. Trump says it's a deal with the EU, but it's likely he meant to say the UK.

We'll bring you more details on what that deal includes.

US President Donald Trump is now speaking with British Prime Minister Sir Keir Starmer. Earlier, we heard from Trump and Canadian PM Mark Carney.

You can click Watch Live at the top of this page to follow along.

We are waiting to hear from British Prime Minister Keir Starmer and US President Donald Trump who will speak to reporters shortly.

As a reminder, Starmer and Trump met in February at the White House with the US president accepting a rare second state visit to the UK from King Charles III. In early May, the two countries agreed to a trade deal.

You can watch their remarks by clicking Watch live at the top of this page

US President Donald Trump does not intend to sign the G7 statement on the Iran-Israel conflict, an official has told the BBC's US partner, CBS News.

A draft of the joint statement includes calls for de-escalation, language about monitoring Iran, and urges both sides to protect civilians.

The White House declined to confirm the reports, but said in a statement: "President Trump will continue to work towards ensuring Iran cannot obtain a nuclear weapon.”

Jessica Murphy
Reporting from the G7

Image source, Reuters

Canada's Mark Carney is clearly aware that President Donald Trump can take one shouted question from a journalist and run with it - and he's been politely making sure that doesn't happen.

Nearly every leader here in Kananaskis has had their moment in the hot seat in Donald Trump's Oval Office.

Those "sprays" in journalistic lingo are usually choreographed affairs capped by a firm handshake between leaders for the cameras before they take discussions behind closed doors.

Under Trump, they can spiral into any direction.

Twice today Carney has stepped in, once to “exercise my role as G7 chair” and move things along and once with a quip to Trump that "I think you’ve answered a lot of questions already”.

But he's also aware that Trump can grow frustrated with these multilateral confabs, and has been giving the president effusive praise.

"Nostalgia isn't a strategy, " he told G7 leaders in his opening remarks, as Trump sat to his left.

"We have to change with the times and build a better world. And some of you, such as you, Mr President, have anticipated these massive changes and are taking bold measures to address them."

Image source, PA Media

British Prime Minister Sir Keir Starmer is now holding a meeting with French President Emmanuel Macron.

The pair appeared briefly for the media but didn't speak to reporters.

Image source, Getty Images

The G7, or Group of Seven, is an informal organisation that includes the world's seven wealthiest democracies.

It was founded in 1975 when France hosted the first meeting.

The current members are the UK, the United States, Japan, France, Germany, Canada and Italy. The European Union is also represented.

Each year, the leaders meet for a summit, where they discuss pressing economic and geopolitical issues of the day and coordinate policy actions.

Topics can range from trade to the environment to nuclear safety.

Since the first summit in France, hosting duties have rotated between member countries. This is Canada's seventh time as host.

Kwasi Gyamfi Asiedu
Live reporter

G7 leaders are now meeting in the Canadian Rockies as violent conflicts continue in Europe and the Middle East.

Here is what has happened so far on the first day of the summit:

• Host Prime Minister Mark Carney and his wife Diana Fox Carney welcomed the G7 leaders, some also accompanied by their spouses
• "We are gathering at one of those turning points of history ... where the world looks to this table for leadership," Carney said in opening remarks
• Before a bilateral meeting with Carney, US President Donald Trump claimed that expelling Russia from the group in 2014 was a mistake
• He also said he was open to China joining the G7
• Trump said he is "a tariff person", but remarked that a deal with Canada could happen within weeks

The G7 leaders are now in private meetings, but we will likely hear from some of them throughout the day.

Stay with us we will bring you the latest happenings and analysis from our correspondents in Kananaskis.

Anthony Zurcher
North America correspondent, reporting from the G7

The leaders of the G7 nations are now having substantive meetings behind closed doors.

In front of the press cameras on a sunny day in the Canadian mountains, they mostly engaged in chit-chat about the weather.

Donald Trump, after praising the current conditions, clearly has had weather on the mind. He noted that forecasters had predicted a "100 percent" chance of rain during the military parade in Washington DC on Saturday, but the precipitation never materialised.

Canadian Prime Minister Mark Carney apologised to Charlotte Merz, the wife of German chancellor Friedrich Merz, for talking about football earlier with her husband.

Carney also responded to one shouted press question, saying his one-on-one meeting with the American president was "fantastic".

Earlier, one-by-one the G7 leaders took to the stage with Mark Carney where the Canadian Prime Minster officially welcomed them to the summit.

Take a look:

Image source, Reuters

Image source, Getty Images

Image source, Getty Images

Image source, Reuters

Image source, Getty Images

Image source, Getty Images

Jessica Murphy
Reporting from the G7

Canada's Prime Minister Mark Carney had plenty of praise for US President Donald Trump today.

The gathering "is nothing without US leadership - and so your personal leadership," Carney told Trump in a press conference before their meeting (as well adding some birthday wishes for Trump, who turned 79 at the weekend).

And after the roughly one-hour bilateral, Carney told journalists it was "fantastic".

Carney clearly wants consensus at this G7 meeting, and that includes keeping Trump in the family fold.

The Canadian PM has secured an early win with the president - Trump said an agreement on trade with Canada is "achievable" within weeks, despite what he described as "different concepts" on tariffs.

Canada is not alone in facing Trump's global trade war, but the US is its largest trading partner. The recent increase on steel and aluminium levies, especially, will bite.

The next step for Carney - after he gets through this G7, his first big test at navigating foreign affairs - will be to see if that deal is indeed achievable, and what's in it.