WASHINGTON (NewsNation) — President Donald Trump has announced an agreement with the United Kingdom on tariffs, the first in what he claims is a series of trade deals negotiated under his administration.
“Today’s agreement with the UK, is the first in a series of agreements on trade, that my Administration has been negotiating over the past four weeks,” Trump said as he announced the outlines of the deal with the UK. The deal includes billions of dollars of increased Market access for American exports.”
He emphasized it will increase access dramatically for “American beef, ethanol and virtually all of the products produced by our great farmers.”
“In addition, the U.K. will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products,” Trump said.
Though the deal increases access for U.S. agricultural products, Trump added that the final details are still being written. Additionally, the deal will cut tariffs on UK car exports from 27.5% to 10% and eliminate tariffs on steel and aluminum.
Trump says other deals will have higher than 10% on tariff
U.S. Commerce Secretary Howard Lutnick said part of the agreement allows the U.K. to send 100 cars into the US and won’t face the 25% tariff, only a 10% tariff. He touted that this deal got done in 45 days instead of three years because of Trump’s leadership.
In a social media post Thursday, he called the agreement “a full and comprehensive one” that will “cement the relationship” between the two nations for years to come.
He said the U.K. was chosen first due to the country’s shared history and alliance, and hinted that more deals are “in serious stages of negotiation.”
Asked whether the baseline 10% tariff on U.K. products would be a template for future trade deals with other nations, the U.S. president said “no.”
“That’s a low number,” Trump says of the 10%. He added that the U.K. “made a good deal. Many, some will be much higher.”
UK-US trade deal sealed on VE Day
In a phone call with Trump from the Oval Office, U.K. Prime Minister Keir Starmer said this is a “really important deal that will boost trade.”
He added that it was fitting that a US-UK trade deal was sealed on VE Day, the anniversary of the end of World War II in Europe.
“It was about this time of day 80 years ago that Winston Churchill announced victory in Europe,” he said.
Stramer said it’s a “fantastic, historic day” that will bring the two countries closer together.
Trump thanked Starmer for his “outstanding work and leadership.” Although Trump has touted the trade deal with the U.K., he also conceded there’s more work to do.
“The final details are being written up,” he said in the Oval Office. “In the coming weeks, we’ll have it all very conclusive.”
Trump: More trade deals on the horizon
Trump has long touted upcoming trade deals and has said his administration is in talks with countries including India, Japan and South Korea. Earlier this week, he reiterated that more deals are on the horizon.
“We intend to make a deal with Europe,” Trump said when asked about trade with the 27-nation bloc.
“They very much want to make a deal. We’ll be dealing with them. We are dealing with them currently,” Trump added.
The E.U. announced plans Thursday to implement retaliatory tariffs on 95 billion euros, or $107 billion, worth of U.S. goods if trade talks fail. Additionally, the bloc is working on litigation against the U.S. with the World Trade Organization.
Thursday’s announcement comes hours after the Federal Reserve opted to keep interest rates unchanged, despite Trump’s push for a rate cut to ease pressure from his trade policies.
With no relief, Trump appeared to be turning to trade deals to stimulate the economy and boost markets.
Trump indicates he’s open to lowering China tariffs
When asked if he would consider lowering the 145% tariff rate on China, Trump replied, “It could be.”
“I mean, we’re going to see. Right now. You can’t get any higher. It’s at 145, so we know it’s coming down,” he continued.
Trump said it’s “good” that U.S. ports are seeing slowdowns amid his steep tariffs on Chinese imports. However, he dismissed concerns about the slowdown’s effects on dockworkers and truckers.
“That’s good,” Trump said, adding, “That means we lose less money.”
Trump is trying to close U.S. trade deficits but has acknowledged his tariffs can result in higher consumer prices and empty shelves.
Treasury Secretary Scott Bessent and his Chinese counterpart are set to meet this weekend in Switzerland — the first in-person talks since the trade escalation began.
China, in turn, has reaffirmed its opposition to the tariffs.
“China is open to dialogue, but any dialogue must be based on equality, respect and mutual benefit,” a foreign ministry spokesperson said.
The Associated Press contributed to this report.