Trump heralds 'breakthrough' deal with UK
U.S. President Donald Trumpand British Prime Minister Keir Starmer on Thursday announced a "breakthrough deal" on trade that leaves in place a 10% tariff on goods imported from the UK while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to U.S. goods.
The agreement announced by Trump from the Oval Office marked the first since Trump triggered a global trade warwith a barrage of levies on trading partners following his return to the White House in January.
"It opens up a tremendous market for us," Trump said.
"This is a really fantastic, historic day," Starmer said by teleconference.
The United States has been under pressure from investors to strike deals to de-escalate its tariff war after Trump's often chaotic policymaking upended global trade with friends and foe alike, threatening to stoke inflation and start a recession.
Top U.S. officials have engaged in a flurry of meetings with trading partners since the president on April 2 imposed a 10% tariff on most countries, along with higher rates for many trading partners that were then suspended for 90 days.
The U.S. has also imposed 25% tariffs on autos, steel and aluminium, 25% tariffs on Canada and Mexico, and 145% tariffs on China. U.S. and Chinese officials are due to hold talks in Switzerland on Saturday.
Source: Reuters
