‘In the coming weeks, we’ll have it all very conclusive,’ Trump told reporters.
President Donald Trump, on May 8, provided a broad overview of a prospective trade agreement with the United Kingdom.
The administration’s preliminary deal is the first by the United States since Trump announced his comprehensive April 2 tariff plans.
But while the president stopped short of offering the contours of the deal, he noted that the arrangement will bolster market access for U.S. exports as the United Kingdom will “reduce or eliminate numerous non-tariff barriers that unfairly discriminate against American products.”
Nothing was signed during the announcement.
“In the coming weeks, we’ll have it all very conclusive,” Trump told reporters at the Oval Office.
Trump also posted a chart on Truth Social, pointing to a $5 billion increase in exports, including U.S. beef, ethanol, fruits and vegetables, and other goods. It also highlighted a $6 billion boost in tariff revenues.
The U.K. tariff rate will also be lowered from 5.1 percent to 1.8 percent. The 10 percent U.S. universal baseline tariff rate on UK goods entering the country will remain in place.
Starmer, speaking at a Jaguar Land Rover facility in the UK’s West Midlands shortly after talking to Trump by phone, revealed more details of the trade agreement.
“This is just the start,” he said. “We are hammering out further details to reduce barriers to trade with the United States and across the world.”
As part of the new trade agreement, the United States will lower tariffs on UK automobiles from 27.5 percent to 10 percent and remove tariffs on steel and aluminum.
The pact will establish a quota of 100,000 UK vehicles that can be exported to the United States at a 10 percent levy.
Hours before the press conference, Trump had confirmed the deal in a Truth Social post, calling it a “full and comprehensive one that will cement the relationship” between the two nations.
“Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our first announcement,“ the president said. ”Many other deals, which are in serious stages of negotiation, to follow!”
By Andrew Moran
