Trump announces imminent trade deal with UK

President Donald Trump plans to announce details of a trade agreement with the United Kingdom Thursday morning, according to two people familiar with the agreement, granted anonymity to share not-yet-public details.

Specifics of the agreement were not immediately available. But the pact would represent a significant step forward for the United States, which has been mired in negotiations with dozens of countries since slapping hefty tariffs on its global trading partners last month. It also signals that similar agreements could be on the horizon with other countries.

Trump teased the announcement in a Wednesday night post on Truth Social. “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!!!” Trump wrote. A White House spokesperson declined to comment.

After weeks of turmoil, Trump has been looking for an off-ramp to cool economic unease and relieve tension with trading partners. He and his top lieutenants floated since the weekend the possibility that the first agreement could be reached as soon as this week.

It is unclear whether Thursday’s announcement will be a full trade deal or just the framework of an agreement, with details to be sorted out at a later date. Senior British trade negotiators landed in Washington on Wednesday, the Guardian reported, and the U.K. has been pushing to get a trade agreement signed before the U.K.-EU summit later this month.

The U.S. slapped a 10 percent tariff on the U.K. in April, though it did not face a steeper reciprocal tariff because the country imports more from the U.S. than it exports. But the U.K. has still grappled with the 25 percent levies the U.S. has placed on steel, aluminum and cars from abroad.

Negotiations with the U.K. had been thought to be on the backburner as the U.S. prioritized talks with India, Japan and South Korea, in an attempt to pressure China to the negotiating table. As late as Tuesday, Trump was downplaying expectations for an imminent deal.

“I wish they’d keep, you know- stop asking, ‘How many deals are you signing this week? because one day we’ll come and we’ll give you 100 deals,” Trump said, speaking to reporters in the Oval Office.

Pressure for the Trump administration to announce trade agreements comes as Americans, manufacturers and retailers brace for higher prices in the coming weeks as shipments into West Coast ports plunge to levels not seen since the early days of the pandemic.

Supply chain disruptions could result in shortages of a number of everyday items like cars, furniture, clothes and toys.