The United States and the United Kingdom are set to announce a trade agreement on Thursday, aimed at reducing tariffs on certain goods. This would mark the first such deal since former President Donald Trump introduced widespread global levies.
Trump announced he would hold a press conference at 10 a.m. EDT to reveal a "major trade deal" with a "respected country," which is expected to be the UK.
UK Prime Minister Keir Starmer will also provide an update later in the day. According to British officials, the agreement will likely include reduced U.S. tariffs on British steel and automobiles, while the UK may cut duties on American cars and ease a digital tax on U.S. tech firms. However, the UK remains firm on maintaining its food standards.
Although limited in scope, the deal is seen as politically important. For Trump, it may signal a shift away from his earlier protectionist trade stance, while the UK seeks to soften the impact of U.S. tariffs and strengthen its post-Brexit trade position.
This comes amid broader global trade tensions, including U.S.-China talks scheduled for Saturday in Switzerland, and concerns from the IMF over the economic fallout from ongoing tariff disputes.