Trump says new UK trade deal worth $5 billion to U.S. export economy

President Donald Trump on Thursday unveiled a newly minted trade deal with the United Kingdom, the first since he announced, then paused, a sweeping array of new international trade tariffs in early April.

While details of the new agreement were sparse, Trump said negotiations led to a “great deal for both parties” that will open up new markets for U.S. companies while protecting both British and American workers.

“The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers,” Trump said in a Thursday morning press conference.

British Prime Minister Keir Starmer joined the press event remotely and lauded the agreement as “an incredible platform for the future.”

What’s in the deal?

While a blanket, 10% tariff that was included in Trump’s April 2 “Liberation Day” announcement will remain in place, a fact sheet published by the White House outlined some broad aspects of the agreement, including:

• Significantly expanding U.S. market access in the UK, creating a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers that includes more than $700 million in ethanol exports and $250 million in other agricultural products, like beef.
• Creating a tariff carveout for the first 100,000 vehicles imported into the U.S. by UK car manufacturers each year which will be subject to the reciprocal rate of 10%. Additional vehicles each year are subject to the current 25% rate in import automobiles.
• Committing the countries to working together to enhance industrial and agricultural market access.
• Closing loopholes and increasing U.S. firms’ competitiveness in the UK’s procurement market.
• Ensuring streamlined customs procedures for U.S. exports.
• Establishing high standard commitments in the areas of intellectual property, labor, and environment.
• Maximizing the competitiveness and securing the supply chain of U.S. aerospace manufacturers through preferential access to high-quality UK aerospace components.
• Creating a secure supply chain for pharmaceutical products.

Trump told reporters that there were “numerous” other trade deals in progress and said he was optimistic about a meeting scheduled in Switzerland this weekend where Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts to discuss economic and trade issues.

Trump also signaled he was optimistic about reaching a new trade agreement with the European Union though he characterized the 27-nation coalition as having been “extremely unfair” to the U.S. from an international trade perspective.

Trade tariffs to date

Trump announced a raft of country-specific reciprocal tariffs last month along with a blanket 10% levy on foreign imports. On April 9, the president declared a 90-day pause on the reciprocal trade fees but kept the 10% assessment in place. That same day, Trump also announced an increase on imports from China that raised the effective levy on most imports from the country to 145%.

Here’s where new U.S. tariffs stand for the moment:

• China tariffs are at 145%, following a series of increases.
• Tariffs of 25% are in place on steel and aluminum imports, imported automobiles and goods from Canada and Mexico not covered by the United States-Mexico-Canada Agreement.
• Imports from all other countries are subject to a 10% trade levy.