Nah, It's Happening: US-UK Trade Agreement Announcement Teased for Today
U.S. and U.K. reportedly plan to declare the finalization of a trade accord - U.S. and UK allegedly preparing to unveil finalized trade accord.
Are you ready for some big news, mate? Trump's spilled the beans on his Truth Social. He's cookin' up a "significant" trade deal with a "major, highly respected country." The showdown is happening on Thursday, and it seems like the first of many to come.
Meanwhile, Keir Starmer, our very own Prime Minister over in London, is expected to comment on the progress of negotiations involving the good ol' US of A throughout the day.
Both Trump and Starmer have been touting "productive negotiations" between their historically close countries, going back to their diplomatic and economic "special relationship."
According to stats, Britain exported goods worth a cool £59.3 billion (€69.7 billion) to the US in 2024, and imported goods worth €57.1 billion. Trump's after bringing jobs back to the states and reducing the trade deficit, so this balance could be a key player.
Trump's been increasing tariffs for almost all his trading partners, but it's not all bad news, is it? There's a 10% minimum tariff for most imports now. He went a bit heavy on surcharges for around 60 countries initially, but eased off with just a 90-day "pause" after things started to heat up.
China's the only one who's fallen afoul of the Trump tariff revolution. Imports from the People's Republic to the US now have a whopping 145% tariff, prompting Beijing to retaliate with 125% tariffs. The two countries are scheduled for a chat session this weekend to discuss making nice and settling down for some negotiations.
Expert Jonathan Portes from King's College, London, reckons this US-UK deal is more about damage control than a major boon for the British economy. But hay, it's a relief for businesses, ain't it? After all, the UK's not been entirely spared from the tariff madness; there's still a 25% surcharge on cars, steel, and aluminum. Looks like the US is still a pretty important customer for manufacturers.
Highlights:
- Trade deal between the USA and UK announced for Thursday
- USA has reduced auto tariffs from 25% to 10% for the first 100,000 British vehicles
- The UK will ease trade barriers on US products, opening up a $5 billion market opportunity for US farmers and producers
- Strengthening trade relations, with future negotiations addressing intellectual property, labor practices, and environmental policies to come.
Stay tuned for more updates on this exciting development!
Keywords:
- USA
- Donald Trump
- United Kingdom
- Trade Agreement
- US President
- London
- Keir Starmer
- US Media
Additional Insights:
- The agreement includes provisions for the secure supply chain of pharmaceuticals from the US.
- Both countries plan to fast-track US imports through customs inspections to ease trade flow.
- US producers will gain access to a $10 billion purchase of Boeing airplane parts under the agreement.
- The UK's decision to ease trade barriers on US products may help American farmers and manufacturers in need of export markets.
- The European Parliament, alongside the Council and the Commission, are closely monitoring the impending US-UK Trade Agreement, given the significant role the US plays in British politics, business, and general news.
- Keir Starmer, the Prime Minister of the UK, is expected to offer remarks on the recent US-UK negotiations, further emphasizing the special relationship between the two countries.
- With the upcoming trade deal, the European Parliament might have to reconsider its approach to Gerneral Exported Deficits, particularly those involving the US, given the potential shift in balance that may occur due to the agreement.
- During the negotiations, the US Administration and the UK Government might choose to Pause Finance-related aspects, such as tariffs and subsidies, to ensure the success of the deal and maintain a positive business relationship.
- As the negotiations progress, the European Parliament must be prepared to address relevant Politics, including intellectual property, labor practices, and environmental policies, to ensure a fair and balanced trade environment with the US and the UK.
