Trump secures potential breakthrough in UK trade deal
President Donald Trump is set to announce a long-anticipated trade deal with the United Kingdom on Thursday. According to sources close to the negotiations, this will be a significant victory for both countries, according to "The New York Times".
A press conference scheduled for Thursday at 11:00 a.m. Eastern Time in the Oval Office is expected to confirm the agreement officially. It could mark the culmination of years of efforts that began during President Trump's first term, reports "NYT".
While negotiations stalled during the Biden administration, they regained momentum after Trump's return to the White House. British Prime Minister Keir Starmer has consistently sought to strengthen ties with the U.S., as evidenced by King Charles III inviting President Trump for a second official state visit.
"The New York Times" predicts that the agreement will include lowering British tariffs on American cars and agricultural products and eliminating British taxes on American tech companies. Key areas of negotiation include tariff rates, non-tariff barriers, and digital trade.
According to the New York newspaper, industry experts, including Timothy C. Brightbill, suggest that the first stage will likely be only a framework plan for negotiation, rather than a comprehensive free trade agreement, which would require approval by the U.S. Congress and several months of detailed negotiation.
Current trade relations between the U.S. and the UK are burdened by a 10% global tariff imposed by the Trump administration in April this year and 25% tariffs on steel, aluminum, and cars. Sources within the administration indicate that eliminating the basic 10% tariff is not currently considered part of the deal.
Trump: We don't have to sign deals
Despite trade tensions, the United Kingdom has avoided additional retaliatory tariffs. This is due to the U.S.'s positive trade balance. The British import more American goods than they export to the U.S.
The administration in Washington is conducting parallel trade negotiations with India, Israel, South Korea, Japan, and Vietnam. President Trump recently emphasized his strong negotiating position: "We don't have to sign deals. They have to sign deals with us."
The NYT notes that British officials are also talking with the European Union, attempting to balance their trade relations post-Brexit.
