DONALD Trump is expected to announce a major trade deal with the UK later – the first since his ‘liberation day’ tariffs.
The US President has revealed he is expecting to sign off a “major trade deal” and will hold a news conference in the White House later.
AFPDonald Trump set to sign trade deal with US[/caption]
AFPThe US President had initially set a 10 per cent tariff on the UK in April[/caption]
Mr Trump announcing the tariff meeting on Truth Social
The UK government have been seeking to lower tariffs ever since Mr Trump imposed the punishing levies.
It will be a framework for mitigating some of the tariffs which will pave the way for a “substantive” step towards a deal.
The President revealed the news in a social media post last night – with the Oval Office event happening at 3pm UK time.
It is being widely reported that that the deal will be with the UK following his post on the Truth Social site.
The President 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 comes after reports suggested three weeks ago that White House official said a deal would be signed within two or three weeks.
British officials have arrived in Washington DC and are expected to be at the event, various reports suggested.
Details of the trade deal being signed were first reported by the New York Times.
Trillions were wiped off US markets last month when Trump placed tariffs on countries around the world, including a 145 per cent levy on imports from China.
Following the placement of tariffs on the UK, officials quickly became keen to secure a deal to prevent the worst of the damage to the economy.
When Starmer visited the US in late February, Trump hinted that the UK could be in for a “quick” trade deal and avoid the worst of his upcoming tariffs.
However, the UK was still hit by a 10 per cent levy on most goods, and a 25 per cent tax on cars.
In the wake of the news, Jaguar Land Rover said it would “pause” shipments to the US as it took time to “address new trading terms”.
The major motor manufacturer sells more than 100,000 vehicles there each year, but the 25 per cent tariff meant its motors would be less competitively priced compared to US cars.
ReutersKeir Starmer visited Washington at the end of February, inviting Donald Trump for a state visit to the UK[/caption]
GettyThe US President announced in April that vehicles imported into the US from the UK would be subject to a 25 per cent tariff[/caption]
ReutersTrump and Starmer during their cordial meeting in February[/caption]
Fears then emerged that jobs could be lost in the UK, amid the global trade turmoil.
Mr Trump’s Vice-President JD Vance raised the prospects of a deal between the UK and US being signed during a recent interview.
He told Unherd: “There’s a real cultural affinity.”
“And of course, fundamentally America is an Anglo country… I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries.”
Mr Trump imposed his ‘liberation day’ tariffs on the UK and other countries during a White House rose garden ceremony.
He imposed a levy of 10 per cent on UK goods heading Stateside and all foreign vehicles heading to the US were subject to a 25 per cent surcharge.
There were higher reciprocal tariffs on other countries but these were reduced to 10 per cent in a 90-day suspension.
The government has been approached for comment.
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