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The US is reportedly set to announce a trade deal with the UK on Thursday, potentially alleviating the impact of tariffs on Britain, according to media sources. President Donald Trump is expected to make the announcement, though it remains uncertain whether a final agreement has been reached, as reported by the New York Times, citing three unnamed sources.
Trump posted on Truth Social on Wednesday that he would hold a "big" news conference at 10 a.m. (6 p.m. UAE time) on Thursday to discuss a "major trade deal with representatives of a big and highly respected country."
If confirmed, the deal would mark the first since Trump unveiled his "Liberation Day" tariffs last month, which included a 10% levy on most countries, including the UK, as well as higher "reciprocal" tariffs on many trading partners. The US duties surged to historic levels before Trump temporarily paused the reciprocal levies for 90 days.
The tariff measures have fueled concerns about a potential global trade war, which could lead to a significant economic slowdown, particularly affecting less developed and developing nations.
Meanwhile, US and UK officials have been negotiating an economic agreement aimed at mitigating some of the tariffs' impact, with a British delegation currently in Washington to discuss terms, according to Bloomberg.
Separately, the UK and India signed a trade agreement this week designed to strengthen economic ties amid the tariff uncertainty. The deal aims to boost bilateral trade by £25.5 billion ($34 billion) annually by 2040, offering liberalized market access and reduced trade restrictions.
The agreement lowers tariffs on goods such as advanced manufacturing parts and food products, including lamb, salmon, chocolates, and biscuits. It also sets import quotas for cars on both sides.
