The United States and Britain announced plans for a symbolic trade deal on Thursday that would likely reduce the financial burden on President Donald Trump to provide greater access to U.S. goods abroad.
The announcement provided British Prime Minister Keir Starmer with a political victory and provided some verification of Trump's claim that his trade turbulent attitude may be able to rebalance the global economy under his terms.
However, the terms of the deal are not yet completed so that they can be signed, a reminder that the process of Trump's promise could take weeks quickly as other countries experiencing a trade deficit are worried that the president's import tax will delay global economic growth.
“The final details are being written,” Trump told reporters. “We will get all the conclusions in the coming weeks.”
The president said the agreement would lead to more beef and ethanol exports to the UK, which would also simplify the handling of U.S. goods through customs.
Starmer emphasizes the importance of state relations
Steamer addressed Trump by phone, highlighting the importance of relations between the two countries as the anniversary of World War II victory in Europe was commemorated.
“To be able to announce this big deal on the same day 80 years ago, almost at the same time, and just as we stood shoulder to shoulder with the UK and the US 80 years ago, I think that’s very important.”
The planned deal is the first overview since Trump began his efforts to reconnect the global economy, which is through a massive increase in import taxes to increase domestic manufacturing.
The president quickly proposed tariffs after returning to the White House, targeting import taxes for steel, aluminum and cars, and traditional allies such as Britain.
Trump announced universal tariffs on April 2 before partially retreating a week later and announced that his administration would reach individual agreements with various countries in the coming months.
