Donald Trump and the UK will announce a trade deal in a bid to reduce tariffs, reports have said.
The US President teased an announcement on his Truth Social account that there was going to be a ‘big news conference’ announced later on today involving a ‘major trade deal’.
In the post, he said: ‘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. THE FIRST OF MANY!!!’
It would mark the first deal agreed upon since Trump’s ‘liberation day’ announcement of sweeping tariffs last month.
The Times reported details were still being finalised last night and it was not clear if a final agreement has been reached or if it would just be a framework that will lead to further talks.
The US and UK have been holding discussions over a potential trade deal, with Chancellor Rachel Reeves saying the Government has been working ‘flat out’ to secure an agreement that would mitigate the impact of the tariffs.
The UK on Tuesday announced it had come to terms on a trade deal with India, which will mean dramatic tariff reductions on scotch whisky and car exports to India.
Levies on aerospace, electricals and other food products will also fall under the agreement, while UK consumers are expected to benefit from tariffs being reduced on some Indian goods such as clothing imported to the country.
Announcing the deal, Prime Minister Sir Keir Starmer said: ‘We are now in a new era for trade and the economy. That means going further and faster to strengthen the UK’s economy, putting more money in working people’s pockets.”
He added: ‘Today we have agreed a landmark deal with India – one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business.”
Indian Prime Minister Narendra Modi described it as a ‘historic milestone’ and an ‘ambitious and mutually beneficial’ trade agreement that will ‘catalyse trade, investment, growth, job creation, and innovation in both our economies’.
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