Britain is set to announce a trade deal with the US to slash the impact of Donald Trump’s tariffs today.
After weeks of negotiations between Westminster and Washington, sources in No10 have hinted the bare-bones outline of a deal has been agreed, reports Sky News.
Trump had earlier announced that he would be confirming a major trade deal in the Oval Office at 10am local time (3pm UK time).
Taking to his Truth Social page, Trump wrote the deal would be held with “representatives of a big, and highly respected, country.”
Starmer and Trump
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Speaking to GB News this morning, defence secretary John Healey declined to comment, saying the government wanted to give the negotiators “room to breathe.”
The news of a trade deal comes as US and Chinese officials prepare to hold talks in Switzerland on Saturday, which could mark the first step in resolving a potentially damaging trade war between the world’s top two economies.
Trump‘s top officials have engaged in a series of meetings with trading partners since the president on April 2 imposed a 10 per cent tariff on most countries, along with higher “reciprocal” tariff rates for many trading partners, though those rates were later suspended for 90 days.
Britain was not among the countries hit with additional tariffs, due to the fact it imports more from the US than it exports there.
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Donald Trump has made tariffs the focus of his economic agenda REUTERS
American imports of Chinese goods have already seen a sharp decline following the imposition of tariffsGETTYA UK official said on Tuesday that the two countries had made good progress on a trade deal that would likely include lower tariff quotas on steel and cars.
Trump has also imposed 25 per cent tariffs on autos, steel and aluminum, 25 per cent tariffs on Canada and Mexico, and 145 per cent tariffs on China.
More to follow…
