President Donald Trump has revealed his reality in Social Social Thursday that the United States has reached a “whole and comprehensive” trade agreement with the United Kingdom. The announcement, confirmed by both American and British officials, was expected to formally release Trump at a 2pm UTC press briefing from the Oval Office.
“Agreement with the United Kingdom is a whole and comprehensive that will provide cement in the relationship between the United States and the United Kingdom for many years to come“Trump said in his social media post.
The US president called the “first” UK trade partner to reach such a deal under his latest trade initiative. An older British officer, who speaks anonymously, confirmed the deal but did not provide further details beyond stating that it was both useful.
The details of the Trade Agreement with the Trump administration have not been declared
According to the BBC, citing several trading and insider analysts, the agreement may not have been completed. Timothy C. Brightbill, a international trade lawyer with Wiley Rein, Says The announced may be the beginning of formal negotiations.
“Tariff rates, non -tariff barriers, and digital trade are likely on the agenda,” he added, claiming that there are many more difficult issues to be discussed.
The talks between the two countries previously involved in discussions about reducing British tariffs on US vehicles and agricultural products, and taxes targeting American tech firms operating in the UK.
Britain is not among the countries that have been hit by reward tariffs, but due to the imbalance in trade favors US imports, it has affected the global 10% American tariff on standard goods and a 25% steel and aluminum tax.
British officials have long been lobbying for steel, aluminum, and vehicle levies that drive UK manufacturers out of business.
British Parliament and Business Leaders Return
William Bain, head of commodity policy at the British Chambers of Commerce (BCC), accepted The deal, explaining that it will bring a “big punch” to many of the 50,000 companies represented by the BCC.
“Companies want to see a reduction in 25% tariffs that hit our iron, aluminum and automotive industries and left them wandering around”Bain said in a statement.
He added that Britain had to make compromises, though businesses were looking for clear time and certainty about when the tariff would materialize.
“Nor is this the end of the process, we must continue to push the argument for free and fair trade”Propounded Bain.
In the UK Parliament, lawmakers such as the Conservative MP Mark Pritchard have asked whether the deal protects domestic farmers from imported goods such as chlorinated chicken and hormone meat.
Lucy Powell, the head of the House of Commons, has assured the MPs that agricultural and food standards are “red” in negotiations. Farming Secretary Steve Reed supported Powell's claims, saying that protections were in the area to prevent British farmers from being damaged by environmental and animal welfare standards.
Trump sought a trade agreement with the UK since his first office term, especially following Britain's release from European Union. British officials expect to secure an agreement with the United States to boost their economic post-brexit and rebalance trade relations have weakened their departure from the EU.
Trump believes that dealing with the UK will be the first of many such Agreements. “There are many other deals, which are in the serious stages of negotiations, to follow!” He wrote online. The ongoing negotiations are also in development in India, South Korea, Japan, and Vietnam.
According to the BBC, after three years of negotiations, British officials confirmed that they had secured a trade deal in India on Tuesday. That agreement promises to lower tariffs between the two countries and give the UK companies accessing the Indian financial service sector.
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