President Donald Trump is scheduled to announce details of a trade agreement with the United Kingdom on Thursday morning, according to two sources familiar with the agreement who requested anonymity to discuss non-public information.
Specific details of the agreement have not yet been disclosed. However, the pact is expected to mark a significant advancement for the United States in trade negotiations, which have been complicated by the imposition of hefty tariffs on global trading partners last month. This development may also indicate that similar agreements could be forthcoming with other nations.
Trump teased the upcoming announcement in a post on Truth Social Wednesday night, stating, “Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!”
A White House spokesperson declined to provide any comments regarding the announcement.
In light of recent economic turmoil, Trump has been seeking a way to alleviate economic concerns and ease tensions with trading partners. He and senior officials have suggested since the weekend that a preliminary agreement could be finalized as early as this week.
It remains unclear whether the announcement on Thursday will present a comprehensive trade deal or simply outline a framework for future negotiations, with specifics to be determined later.
Reports indicate that senior British trade negotiators arrived in Washington on Wednesday, as the U.K. has been eager to finalize a trade agreement ahead of an upcoming U.K.-EU summit later this month.
The U.S. imposed a 10 percent tariff on U.K. goods in April, but the U.K. did not face a steeper reciprocal tariff due to importing more from the U.S. than it exports. Nevertheless, the U.K. has been dealing with the 25 percent levies the U.S. has placed on steel, aluminum, and cars from abroad.
Negotiations with the U.K. had previously been considered a lower priority as the U.S. focused on discussions with India, Japan, and South Korea in an effort to leverage pressure on China.
As recently as Tuesday, Trump had downplayed expectations for an immediate deal, stating, “I wish they’d keep, you know — stop asking, ‘How many deals are you signing this week? because one day we’ll come and we’ll give you 100 deals,” while speaking to reporters in the Oval Office.
The Trump administration faces mounting pressure to announce trade agreements as American consumers, manufacturers, and retailers prepare for higher prices in the coming weeks, coinciding with a significant drop in shipments to West Coast ports, reaching levels not seen since the early days of the pandemic. Supply chain disruptions may lead to shortages of various everyday items, including cars, furniture, clothing, and toys.
