On May 8, US President Donald Trump is expected to announce the conclusion of a new trade agreement between the United States and the United Kingdom. This was reported by The New York Times, citing sources familiar with the preparation of the event.
Trump stated on his social media platform Truth Social that he will hold a press conference at 10:00 AM local time in the Oval Office to present an “important trade agreement with representatives of a great and respected country.” According to the publication, this refers to the United Kingdom. The White House declined to comment on the matter.
This agreement will be the first after Trump imposed strict tariffs on goods from dozens of US trading partners. He later temporarily suspended their implementation to allow other countries the opportunity to reach agreements with the US.
The news of the deal’s conclusion caused a sharp rise in the value of the British pound against the dollar. The agreement with the US will mark the second major trade success for the UK in a week, following the signing of a free trade agreement with India.
UK officials reported significant progress in negotiations with the US on Tuesday. The new agreement is expected to include reductions in tariff quotas, particularly on steel and cars.
UK authorities have expressed hope that the American tariffs imposed by Trump will be lifted as part of the new economic partnership. However, in response to the potential tightening of US tariff policies, London has prepared a list of around 8,000 American goods that could face retaliatory tariffs. The list includes a wide range of products, from bourbon and cheese to electric vehicles and car parts — representing approximately 27% of the UK’s total imports from the US.
In early April, UK Trade Minister Jonathan Reynolds expressed confidence that the new 10% tariff imposed by Trump on British exports could be eased.
