U.S. President Donald Trump and British Prime Minister Keir Starmer signed a trade deal on Monday that will slash tariffs on U.K. auto and aerospace industry imports.

The two leaders announced on Monday that they signed the deal after bilateral talks on the sidelines of the Group of Seven summit in Canada. 

This is the first trade agreement the U.S. has concluded since April 9, when Trump announced a 90-day pause on his sweeping reciprocal tariffs on the country’s global trading partners.

The deal follows a phone call between Trump and Starmer on May 8. 

Under the deal, the first 100-thousand British vehicles imported into the U.S. each year are subject to a ten percent tariff instead of the 25 percent tariff imposed on other imported vehicles.