President Donald Trump is set to announce a “comprehensive” trade agreement with the United Kingdom, a significant development in the US-UK economic relationship.
Gatekeepers News reports that the deal, which was confirmed by a senior British official, would be the first major trade agreement announced since Trump imposed tariffs on dozens of America’s trading partners.
The agreement “will cement the relationship between the United States and the United Kingdom for many years to come,” Trump said, adding that “because of our long-time history and allegiance together, it is a great honour to have the United Kingdom as our FIRST announcement.”
Details of the agreement remain unclear, but discussions have centred around lowering British tariffs on US cars and farm goods, as well as removing taxes on US technology companies.
Timothy C. Brightbill, an international trade attorney, noted that the announcement might be “just an agreement to start the negotiations, identifying a framework of issues to be discussed in the coming months.”
He added, “We suspect that tariff rates, nontariff barriers, and digital trade are all on the list, and there are difficult issues to address regarding all of these.”
The US-UK trade deal would be a significant win for both countries, which have long sought closer economic cooperation. The agreement would also mark a major milestone in the UK’s post-Brexit economic strategy.
Trump imposed punishing tariffs on dozens of his trading partners on April 2, but quickly backtracked after panic ensued in the bond market.
The Trump administration appears to be nearing deals with India and Israel, and is continuing to negotiate with South Korea, Japan, Vietnam, and other nations. However, Trump displayed his unpredictable approach to economic policy by downplaying the prospect of trade deals, saying other countries needed such agreements more than the United States.
