Trump Rules Out Cutting China Tariffs Before Trade Talks

President Donald Trump said he's unwilling to pre-emptively lower tariffs on China in order to unlock more substantive negotiations with Beijing on trade.

- Bloomberg

Reuters [e-mail] LONDON/WASHINGTON: US President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a "breakthrough deal" on trade that leaves in place a 10% tariff on goods imported from the UK while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to U.S. goods.

The agreement announced by Trump from the Oval Office marked the first since Trump triggered a global trade war with a barrage of levies on trading partners following his return to the White House in January.

"It opens up a tremendous market for us," Trump said.

"This is a really fantastic, historic day," Starmer said by teleconference.

The United States has been under pressure from investors to strike deals to de-escalate its tariff war after Trump's often chaotic policymaking upended global trade with friends and foe alike, threatening to stoke inflation and start a recession.