Trump announces trade deal with the U.K., first since his tariffs sent markets reeling
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President Trump on Thursday said on social media that his administration had come to an agreement with the United Kingdom on trade issues, his first such deal since his steep tariffs last month roiled stock markets.
It normally takes many months of negotiations to hammer out trade agreements. Details of Trump's arrangement with the U.K. were not immediately available, though Trump said it would be "full and comprehensive." He is expected to formally announce the deal at 10 a.m. ET in the Oval Office.
Trump's administration has engaged in a flurry of talks with trading partners since April 2, when Trump rolled out a 10 percent tariff on all imported goods, as well as what he called "reciprocal tariffs" — steep tariff walls aimed at punishing countries for their trading practices and volumes, and at drawing manufacturing to America.
The United Kingdom was not among the countries facing the big hikes. It has had baseline tariffs of 10% on its exports, as well as higher sectoral tariffs on exports of cars, steel and aluminum.
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Trump retreated from his country-specific tariffs after markets plunged last month, pausing the hikes for 90 days, though he kept the 10 percent baseline in place, as well as those on autos, steel and aluminum — and extremely steep tariffs on China, where 145 percent tariffs have effectively stopped shipments. Economists have warned that the tariffs could lead to shortages of some goods and raise consumer prices for others.
Trump administration officials have said his moves brought countries to the table to talk about a range of trade issues, including Japan, South Korea, the United Kingdom, Vietnam and India. On Saturday, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet China's He Lifeng in Switzerland.
This is a developing story and will be updated.
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