Trump secures game-changing trade deal with UK against odds
President Donald Trump is set to announce a long-anticipated trade deal with the United Kingdom on Thursday. According to sources close to the negotiations, this will be a significant victory for both countries, reports "The New York Times."
A press conference is scheduled for Thursday at 11:00 AM Eastern Time in the Oval Office, where the agreement is expected to be officially confirmed. This could mark the culmination of years of efforts that began during President Trump's first term, reports "NYT."
Negotiations stalled during the Biden administration but regained momentum following Trump's return to the White House. British Prime Minister Keir Starmer has consistently sought to strengthen ties with the USA, as evidenced by King Charles III inviting President Trump for a second official state visit.
"The New York Times" predicts that the agreement will include lowering British tariffs on American cars and agricultural products and eliminating British taxes on American tech companies. Key negotiation areas include tariff rates, non-tariff barriers, and digital trade.
According to the New York newspaper, industry experts, including Timothy C. Brightbill, suggest that the first stage will likely be a framework plan for negotiations, rather than a comprehensive free trade agreement. Such an agreement would require approval by the US Congress and several months of detailed discussions.
Current trade relations between the US and the UK are burdened by a 10% global tariff imposed by the Trump administration in April this year and 25% tariffs on steel, aluminum, and cars. Sources within the administration indicate that eliminating the basic 10% tariff is not currently under consideration as part of the deal.
Trump: We don't have to sign deals
Despite trade tensions, the United Kingdom has avoided additional retaliatory tariffs. This is due to the US's positive trade balance. The British import more American goods than they export to the US.
The administration in Washington is conducting parallel trade negotiations with India, Israel, South Korea, Japan, and Vietnam. President Trump recently emphasized his strong negotiating position: "We don't have to sign deals. They have to sign deals with us."
The NYT notes that British officials are also talking with the European Union, attempting to balance their trade relations post-Brexit.
