WASHINGTON ¨C U.S. President Donald Trump is expected to announce Thursday that the United States will strike a trade agreement with Britain, according to three people familiar with the plans.
Trump teased a new trade agreement in a social media post Wednesday night, though he did not specify which nation was part of the deal.
¡°Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!¡± he wrote.
A spokesperson for the White House declined to comment beyond Trump¡¯s post. A spokesperson for the British Embassy in Washington did not respond to a request for comment.
The agreement would be the first deal announced since Trump imposed stiff tariffs on dozens of U.S. trading partners. He later paused those temporarily in order to allow other nations to reach agreements with the United States.
A deal between the United States and Britain could be a significant win for both countries, which have long sought closer economic cooperation.
Details of the agreement were not immediately clear. Both nations have discussed lowering British tariffs on American cars and farm goods, as well as removing British taxes on U.S. technology companies. It also was not clear whether the agreement had actually been finalized, or if the countries would announce a framework for an agreement that they would continue negotiating in the coming months.
The Trump administration has been trying to cajole other countries into reaching quick trade deals with the United States. The president imposed punishing tariffs on dozens of its trading partners on April 2, but quickly backtracked after panic ensued in the bond market. Trump paused most of those tariffs for 90 days so that the United States could negotiate trade deals with other nations.
But he has left a 10% global tariff in place, including on Britain. Unlike other countries, Britain was not subjected to higher ¡°reciprocal¡± tariffs, because it buys more from the United States than it sells to it. Administration officials have said they are not considering removing the 10% tariff as part of a trade deal.
Britain is also subject to a 25% tariff that Trump has placed on foreign steel, aluminum and automobiles, levies that British officials have been pushing their U.S. counterparts to lift.
Trump¡¯s interest in striking a trade deal with Britain dates back to his first term, when his advisers negotiated with the country but didn¡¯t finalize an agreement. British officials have also been eyeing a trade agreement with the United States since Brexit, as a way to offset weaker relations with Europe. In the Biden administration, British officials continued to push for a deal...
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