According to online reports, British Prime Minister Stammer and U.S. President Trump signed a document at the G7 summit in Canada, agreeing to promote trade facilitation measures for automobiles, agricultural products and aerospace products. The agreement will implement trade terms disclosed last month-reducing U.S. tariffs on key U.S. exports and increasing Britain's import quotas on U.S. agricultural products. However, steel tariffs, which are the core demands of the UK, have not yet been immediately exempted. "The negotiations are over and we have reached a trade agreement," Trump told reporters. "This important agreement in the automotive tariffs and aerospace sectors is a milestone," Stammer said. The two sides did not disclose more details or when the new tariffs will take effect. This is the first formal trade agreement reached since Trump announced tariff increases on many countries.