President Trump announced a "full and comprehensive" trade agreement between the United States and the United Kingdom. This is touted as the first of numerous deals to be finalized with countries facing tariffs.
Specific details of the agreement remain undisclosed, with a formal White House announcement planned. The news caused a surge in Dow futures. The announcement follows earlier hints by President Trump on Truth Social.
The deal is part of a wider trade strategy initiated by President Trump, which previously involved the implementation of reciprocal tariffs on several countries, followed by a 90-day pause for negotiations. Statements by President Trump and Secretary Bessent suggest numerous deals are in advanced stages of negotiation, with a large portion expected to conclude by year's end.
Negotiations are underway with 18 countries identified as major trading partners, and discussions with China are scheduled to begin next month.
President Trump took to social media early Thursday to announce that America has reached a “full and comprehensive” trade deal with the United Kingdom — the first of what the president says will be many agreements with countries facing tariffs.
“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” Mr. Trump posted on Truth Social. “Because of our long-time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!”
Mr. Trump did not release any details of the agreement with Britain, which he plans to announce at the White House later Thursday. Dow futures surged on word of the deal.
The president initially teased that the trade pact was coming on Wednesday evening in a previous Truth Social post, announcing a press conference in the Oval Office on Thursday morning for a “MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!”
Mr. Trump had imposed reciprocal tariffs on multiple countries at the beginning of April, but soon after had placed a 90-day pause, claiming that many of their leaders expressed eagerness to make trade deals with America.
“Everyone says: ‘When, when, when are you going to sign deals?” he said on Tuesday during a meeting with Prime Minister Carney. “We don’t have to sign deals. We could sign 25 deals right now … if we wanted. We don’t have to sign deals. They have to sign deals with us. They want a piece of our market.”
Secretary Bessent echoed the president’s sentiment during a committee hearing earlier this week.
“I would think that perhaps as early as this week we will be announcing trade deals with some of our largest trading partners,” he said to lawmakers. “I would be surprised if we don’t have more than 80 or 90 percent of those [trade deals] wrapped up by the end of the year.”
Mr. Bessent added that negotiations with 18 countries he described as “major trading partners” are under way. Talks with Communist China are scheduled to start next month.
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