Trump's US-UK deal chart shows boost in tariff revenue with ‘unprecedented’ market access
Donald Trump showcased a chart in the Oval Office on Thursday, explaining the US-UK deal
President Donald Trump showcased a chart in the Oval Office on Thursday, explaining the US-UK deal. The chart showed a boost in tariff revenue for Washington, which will have ‘unprecedented’ access to London markets for several products, including beef, ethanol and soft drinks.
Trump later posted the chart on Truth Social.
Trump, meanwhile, announced that his government has reached a trade agreement with the United Kingdom. However, he did not reveal specifics. The deal affirms that “reciprocity and fairness is a vital principle of international trade” and increases access for US agricultural products, Trump said, though he added that the final details were still being written up.
The 78-year-old had UK PM Keir Starmer address reporters via phone. This comes after Britain said that the new trade deal with the United States will cut tariffs on UK cars from 27.5% to 10% and eliminate tariffs on steel and aluminum.
The British government says the deal sets a quota of 100,000 UK vehicles that can be imported to the US at a 10% tariff. Trump said that the agreement would lead to more beef and ethanol exports to the UK. However, Commerce Secretary Howard Lutnick said the baseline 10% tariffs would stay in place.
Starmer stressed the importance of the relationship between the two countries as the anniversary of the World War II victory in Europe was being commemorated.
“To be able to announce this great deal on the same deal 80 years forward, almost at the same hour and as we were 80 years ago with the U.K. and the U.S. standing side by side, I think is incredibly important,” Starmer said.
No new deals have been reached with America's largest trading partners, including Canada, Mexico and China. Trump promised on Thursday that there are "many other deals, which are in serious stages of negotiation, to follow!”
