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DONALD Trump is expected to announce a “major” trade deal with the UK later – the first since his brutal “liberation day” tariffs.
The US President has revealed he is expecting to sign it off today and will hold a news conference in the White House later.
The UK government has been striving to reduce tariffs after Trump implemented a substantial 10 percent levy on all goods imported to the US from Britain.
It will be a framework for mitigating some of the tariffs which will pave the way for a “substantive” step towards a deal.
The President revealed the news in a social media post last night – with the Oval Office event happening at 3pm UK time.
It is being widely reported that the deal will be with the UK following his post on the Truth Social site.
The President announced: “Important press conference tomorrow morning at 10:00 A.M in The Oval Office, discussing a SIGNIFICANT TRADE AGREEMENT WITH REPRESENTATIVES FROM A MAJOR AND HIGHLY RESPECTED NATION. THE FIRST OF MANY!!!”
It comes after reports suggested three weeks ago that White House officials said a deal would be signed within two or three weeks.
British representatives have arrived in Washington DC and are expected to be at the event, various reports have suggested.
Details of the trade deal being signed were first reported by the New York Times.
Discussing the potential for a deal today, amid emerging threats to global security, Starmer stated in London: “We must seize this opportunity to strengthen our partnerships with both longstanding and new allies.”
“From across Europe to meet the defense challenges of our age, to the United States, an indispensable ally for our economic and national security.
“As you know, talks with the US have been ongoing, and you’ll hear more from me about that later today.
“But make no mistake, I will always act in our national interest for workers, businesses and families to deliver security and renewal for our country, because the world has changed.”
Trillions were wiped off US markets last month when Trump placed tariffs on countries around the world, including a 145 per cent levy on imports from China.
Following the placement of tariffs on the UK, officials quickly became keen to secure a deal to prevent the worst of the damage to the economy.
When Starmer visited the US in late February, ahead of the tariffs being imposed, Trump hinted that the UK could be in for a “quick” trade deal and avoid the worst of the damage.
However, the UK was still hit by a 10 per cent levy on most goods, and a 25 per cent tax on cars.
In the wake of the news, Jaguar Land Rover said it would “pause” shipments to the US as it took time to “address new trading terms”.
The major motor manufacturer, which sells more than 100,000 vehicles in the US each year, would suffer as its motors would be less competitively priced compared to US cars, due to the 25 per cent levy.
Fears then emerged that jobs could be lost in the UK, amid the global trade turmoil.
Trump’s Vice-President JD Vance raised the prospects of a deal between the UK and US being signed during a recent interview.
He told Unherd: “There’s a real cultural affinity.”
“And of course, fundamentally America is an Anglo country… I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries.”
Trump likes a deal & LOVES attention – his promise of a UK-US trade deal will be a relief… but will it go far enough?
By Ryan Sabey
Donald Trump unleashed devastating tariffs on Britain when he stood in the Rose Garden at the beginning on April.
Britain – a long-standing ally – was hit with punishing levies that would affect businesses up and down the land.
This is how you treat your friends?
But Donald Trump likes a deal and he loves the attention.
There will be much relief in Downing Street that Trump has said that a “major trade deal” will be announced later today – the first of its kind since those levies were announced.
Let’s hold our horses there as we need to loom at the detail at how much is packed into this deal.
Those in government are very keen to point out every time myself or political journalists mention it is that this is a narrow deal and not a “full-fat” trade deal.
What eagle-eyed observers will be looking out for later is how much mitigation there is on the 10 per cent tariffs on goods heading to America.
Also, what benefits will be felt for the car industry on imported motors after the long-drawn out negotiations.
But for Sir Keir Starmer this will be seen as a big boost when politically he has found things tough.
He has been under pressure over winter fuel payments and the local election losses including losing that Runcorn and Helsby by-election to Nigel Farage’s Reform UK.
This will be seen as a win in Number 10.
British officials will hope to be able to secure a deal today in order to prevent any further damage to the economy.
A Downing Street spokesperson said: “The Prime Minister will always act in Britain’s national interest – for workers, for business, for families.
“The United States is an indispensable ally for both our economic and national security.
“Talks on a deal between our countries have been continuing at pace and the Prime Minister will update later today.”
Trump imposed his “liberation day” tariffs on the UK and other countries during a White House rose garden ceremony on April 2.
He imposed a levy of 10 per cent on UK goods heading Stateside, while all foreign vehicles sent to the US were subject to a 25 per cent surcharge.
There were higher reciprocal tariffs placed on other countries but these were reduced to 10 per cent in a 90-day suspension.
Despite this u-turn, economic concerns struck across the UK, with traders predicting the Bank of England would cut interest rates in May.
While this could spell good news for homebuyers, it is a sign that the Bank fears the economy is in need of a boost in spending.
Fuel prices were also predicted to tumble amid fears of a recession.
Boom and gloom
By Ashley Armstrong
Here are some of the ways Trump’s global trade war will affect you.
FUEL PRICES: With wholesale prices tumbling, the RAC predicts petrol and diesel will fall by up to 6p a litre over April and May.
The bad news is this is only because traders think a recession will affect demand.
MORTGAGES: Brokers forecast a Bank of England rate cut from the current 4.5 per cent in May.
Loan rates could fall as low as 3.79 per cent, saving homebuyers thousands.
High street banks are already gearing up for a price war, with TSB reducing two-year fixed mortgage rates by up to 0.25 per cent last month.
PENSION FUNDS: Those with defined benefit pension schemes ought not to worry as they are managed conservatively.
Others should ensure pensions are invested in a mix of assets, including bonds — and not stuffed with plunging US stocks.
COST OF GOODS: Some imports could become cheaper as companies in countries hammered by Trump give the US a miss.
But that will hurt British manufacturers if we are flooded with cut-price products.
