U.S. President Donald Trump signed an agreement on Monday formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal, Reuters reported.

The deal, announced by Trump and British Prime Minister Keir Starmer on the sidelines of the G7 Summit in Canada, reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the U.K. aerospace sector, but the issue of steel and aluminum remains unresolved.

Other critical industries, such as pharmaceuticals, were not mentioned.

Trump said the relationship with Britain was "fantastic," as he waved, and then briefly dropped, a document that he said he had just signed.

"We signed it and it's done," he said, incorrectly calling it a trade agreement with the European Union, before making clear the deal was with Britain, according to Reuters.