Trump expected to announce ‘major trade deal’ with UK | World News
US President Donald Trump is expected to sign a trade deal with the United Kingdom on Thursday, as the Republican leader teased about the agreement in a Truth Social post, Reuters reported.
The expected trade deal is bound to bring some possible relief amid the ongoing reciprocal tariff measure adopted Trump adminration that has threatened serious financial damage to the global economy.
Trump, in his Truth Social post, stated that he is poised to hold an official press briefing at 10 am EDT (7:30pm ) on Thursday about a “major trade deal with representatives of a big, and highly respected, country.”
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Without providing any further information, Trump said that it would be “first of many”. A White House spokesperson declined to confirm whether the country Trump was talking about was the UK.
However, Trump’s adminration had earlier confirmed that they are in active negotiations with India, the United Kingdom, South Korea and Japan. A UK official on Tuesday said that both Britain and the US have made significant progress in trade deals that could include lowering tariffs on steel and autos.
According to UK’s Telecom Miner Chris Bryant, Britain has been in “active discussion” with the US over a 100% tariff on movies produced outside of America, recently announced Trump.
The reports of the US-UK trade agreement comes at a time when officials from Washington and Beijing have confirmed a meeting in Switzerland’s Geneva on Saturday, which could mark the first step in de-escalating a potential trade war tensions between the world’s top two economies.Story continues below this ad
Last month, President Trump announced reciprocal tariffs on all its global trading partners ranging from 10% to 50% which sent shockwaves across the financial markets in the world. However, the Trump adminration had put the higher tariffs on a moratorium of 90 days except for China which is facing 145% levies on its goods.
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