U.S., Britain strike first major trade deal of Trump tariff era

The U.S. and Britain have apparently struck a major trade deal, set to be announced at the White House Thursday morning.Why it matters: It's the first major trade pact since Trump began a campaign of global tariffs. It may serve as a model for the dozens of other countries negotiating with his administration.What they're saying: "This should be a very big and exciting day for the United States of America and the United Kingdom," Trump posted on Truth Social early Thursday morning. He added in another post: "Many other deals, which are in serious stages of negotiation, to follow!"Driving the news: Bloomberg and the New York Times reported the deal overnight. The full contours were not immediately clear, though Bloomberg said talks had focused on reducing tariffs for cars and steel.Britain's The Guardian reported the talks had also covered reducing the UK's tariffs on American farm equipment and cutting its taxes on tech companies. Catch up quick: The U.S. had a trade surplus with the U.K. of nearly $12 billion in 2024. It's of the few major countries with which the U.S. doesn't run a deficit.The U.K.'s key exports to the U.S. include cars and pharmaceuticals, while it imports large quantities of crude oil and gas.Between the lines: After Trump announced his sweeping global tariffs in early April, British Prime Minister Keir Starmer took a far less combative stance than some world leaders.Starmer reportedly said he believed it was not sensible to react by jumping into a trade war with the U.S.Trump spared Britain the worst of the tariffs imposed on other countries at the time, applying only a 10% baseline levy.By the numbers: European stock markets, and U.S. stock futures, rose Thursday morning on optimism the new deal opened a path to more down the road. The dollar — under pressure this year over fears about the U.S. as a safe haven for investment — strengthened broadly, with the U.S. Dollar Index rising 0.5%."The timing of Trump's trade announcement adds to the positive momentum ahead of US-China negotiations set for this weekend in Switzerland, which have already bolstered market sentiment," George Vessey, lead foreign exchange and macro strategist at Convera, wrote in a note.What to watch: All eyes will turn now to those China talks. Treasury Secretary Scott Bessent called them an opportunity to de-escalate the tensions that led to a 145% tariff and an effective trade embargo.Meanwhile, with the U.K. apparently done and China starting, there are still at least 16 major trading partners with whom to do deals. Go deeper... No turning back: America's forever trade wars

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U.S. and U.K. expected to announce a trade deal that Trump says will cement their relationship

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