US EditionUS and UK expected to announce deal to reduce tariffs
- On May 8, 2025, U.S. President Donald Trump announced a comprehensive agreement aimed at reducing tariffs between the United States and the U.K., with both leaders expected to make simultaneous statements from Washington and London on Thursday morning.
- The deal follows prolonged negotiations that began in 2020 after Brexit allowed the U.K. To negotiate independently, while Trump’s administration pursued bilateral agreements to lower tariffs imposed to boost domestic manufacturing.
- Key issues addressed include tariff relief on car manufacturing and pharmaceuticals, with Britain refusing to lower food safety standards or allow hormone-treated meat, while the U.S. Seeks greater agricultural access to the U.K. Market.
- Last year, the U.S. Exported $11.9 billion more in goods to the U.K. Than it imported, with British imports making up 2% of total U.S. Goods imports at $68 billion; however, the agreement is unlikely to address America's ongoing concerns about trade deficits.
- Market sentiment brightened following the trade deal announcement as U.S. Stocks climbed closer to the S&P 500’s record high, with the agreement seen as a notable political achievement for Britain’s Prime Minister Keir Starmer and a measure to help reduce recession concerns.
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President Trump and UK Prime Minister Keir Starmer Announce Historic Trade Deal
President Trump on Thursday announced his first trade deal over tariffs and reciprocal trade with the United Kingdom. “With this deal, the UK joins the United States in affirming that reciprocity and fairness is an essential and vital principle of international trade,” Trump said while announcing the agreement. “In addition, the UK will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products.“ UK …
Trade agreement between the US and the UK finalized
The US and the UK have reached a preliminary trade agreement. The agreement concerns, among other things, tariffs on agricultural products. A step in the right direction – but at the same time we are getting a "fragmented patchwork", says Business Sweden's chief economist.
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