President Donald Trump announced in an Oval Office ceremony Thursday that the US and UK have reached an agreement on trade and tariffs.
Trump has agreed to cut tariffs on U.K. autos, steel, and aluminum in the deal with Britain, which would buy more American beef and streamline its customs process for goods from the United States.
The symbolically resonant agreement still has yet to be finalized, but it suggested that Trump was still able to negotiate with other countries after his vast set of tariffs stoked fears around the world of an economic downturn and higher inflation.
The announcement provided a political victory for U.K. Prime Minister Keir Starmer and offered a degree of validation for Trump's claims that his turbulent approach on trade may be able to rebalance the global economy on his preferred terms.
Trump talked up the agreement to reporters from the Oval Office, even as the fine print remains in flux.
“The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.”
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The president said that the agreement would lead to more beef and ethanol exports to the U.K., which would also streamline the processing of U.S. goods though customs. Commerce Secretary Howard Lutnick said the baseline 10% tariffs would stay in place, while U.K. officials said that Trump's auto tariffs would go from 27.5% to 10% on a quota of 100,000 vehicles and the import taxes on steel and aluminum would go from 25% to zero.
Starmer, speaking over the phone to Trump, stressed the importance of the relationship between the two countries as the anniversary of the World War II victory in Europe was being commemorated.
“To be able to announce this great deal on the same deal 80 years forward, almost at the same hour and as we were 80 years ago with the U.K. and the U.S. standing side by side, I think is incredibly important,” Starmer said.
"It's a very big deal right now," Trump told reporters.
The deal affirms that "reciprocity and fairness is a vital principle of international trade" and increases access for U.S. agricultural products, Trump said.
It also fast tracks American goods through the U.K.'s customs process, Trump said.
"They’re opening up the country," Trump said. "The country is a little closed."
Earlier Thursday, Trump said it would be a full and comprehensive one, amid expectations the two countries would soon sign a trade deal.
Trump wrote in a post on Truth Social that it would be the first of many but provided no further details.
"Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY," Trump wrote. "THE FIRST OF MANY!!!"
"The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come," he added.
"Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!" he said.
This report was compiled from Newsmax wire services.
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