Trump says the US has reached ‘full and comprehensive’ trade agreement with the UK

President Donald Trump announced on his Truth Social account Thursday that the United States has reached a “full and comprehensive” trade agreement with the United Kingdom. The announcement, confirmed by both American and British officials, is expected to be formally unveiled by Trump at a 2PM UTC press briefing from the Oval Office. “ 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 ,” said Trump in his social media post. President Donald Trump announced that the United States has reached a trade agreement with the United Kingdom. Source: Donald Trump (Truth Social) The US president called the UK America’s “FIRST” trade partner to reach such a deal under his latest trade initiative. A senior British official, speaking anonymously, has confirmed the deal but provided no further details beyond stating it would be mutually beneficial. Details of the trade agreement with the Trump administration yet to be revealed According to the BBC, citing several trade analysts and insiders, the agreement may not yet be finalized. Timothy C. Brightbill, an international trade attorney with Wiley Rein, said what has been announced could simply be the beginning of formal negotiations. “Tariff rates, non-tariff barriers, and digital trade are likely on the agenda,” he added, claiming there are many more difficult issues to be discussed. Talks between the two countries previously involved discussions about reducing British tariffs on US automobiles and agricultural products, and taxes targeting American tech firms operating in the UK. Britain was not among the countries hit with reciprocal tariffs, but due to its trade imbalance favoring US imports, it was affected by America’s global 10% tariff on common goods and a 25% tax on steel and aluminum. British officials have long lobbied for the removal of the steel, aluminum, and automobile levies that are pushing UK manufacturers out of business. British Parliament and business leaders react William Bain, head of trade policy at the British Chambers of Commerce (BCC), welcomed the deal, explaining that it will bring a “huge sigh of relief” to many of the 50,000 firms the BCC represents. “ Firms will want to see a reduction in the 25% tariffs that have hit our steel, aluminium and automotive industries and left them reeling ,” Bain said in a statement. He added that Britain will have to make compromises, although businesses are looking for clear timelines and certainty about when tariff relief will materialize. “ This must also not be the end of the process, we must continue to push the argument for free and fair trade ,” Bain propounded. In the UK Parliament, lawmakers like Conservative MP Mark Pritchard have asked if the deal protects domestic farmers from imported goods such as chlorinated chicken and hormone-fed beef. Lucy Powell, the Leader of the House of Commons, assured MPs that agriculture and food standards were “redlined” in the negotiations. Farming Secretary Steve Reed supported Powell’s claims, saying that protections were in place to prevent British farmers from being undercut on environmental and animal welfare standards. Trump has sought a trade agreement with the UK since his first term in office, especially following Britain’s exit from the European Union . British officials hoped to secure an agreement with the United States to boost their economy post-Brexit and rebalance trade relations weakened by their departure from the EU. Trump believes the UK deal would be just the first of many such agreements . “Many other deals, which are in serious stages of negotiation, to follow!” he wrote online. Ongoing negotiations are also in progress with India, South Korea, Japan, and Vietnam. According to the BBC, after three years of negotiations, British officials confirmed they secured a trade deal with India on Tuesday. That agreement promises to lower tariffs between the two nations and grant UK firms access to India’s financial services sector. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Source: Cryptopolitan