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US Announces First Post-Tariff Trade Agreement With UK
Business Standard
|May 09, 2025
Trump says the details of the deal are still being written up and will be finalized in a few weeks
US President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a "breakthrough deal" on trade that leaves in place a 10 percent tariff on goods imported from the UK while Britain agreed to lower its tariffs to 1.8 percent from 5.1 percent and provide greater access to US goods. "It opens up a tremendous market for us," Trump said.
The symbolically resonant agreement still has yet to be finalized, but it suggested that Trump was still able to negotiate with other countries after his vast set of tariffs stoked fears around the world of an economic downturn and higher inflation.
The announcement provided a political victory for UK Prime Minister Keir Starmer and offered a degree of validation for Trump's claims that his turbulent approach on trade may be able to rebalance the global economy on his preferred terms.
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