China criticises US-UK trade deal
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Ahead of the official announcement, set to take place in the Oval Office later today, here's what we know so far.
Prime Minister Keir Starmer has spent months nurturing his relationship with President Trump. That may have just paid off.
President Trump lauded the agreement as the first with a major trading partner since he imposed blanket tariffs on countries worldwide.
The U.S. and U.K. announced a new trade agreement to lower trade barriers for each country. It’s the first trade agreement since President Trump paused most of his tariffs, in order to negotiate new deals with other countries.
Much of the agreement President Trump unveiled Thursday still needs to be negotiated, but the administration said the deal with one of America’s closest allies would be the first of many.
President Donald Trump has dismissed critics who have asked how many deals he has brokered after he paused some tariffs last month to allow for negotiations.
The National Corn Growers Association applauded the new bilateral trade agreement that increases access for American agricultural products to the United Kingdom, including ethanol. During the announcement,
U.K. trade front as a hopeful sign that more agreements can be reached, as President Trump starts making some headway on the trade fight he started months ago, said Peter Cardillo, chief market economist at Spartan Capital Securities.
Specifics of the plan were not announced, but it does seem unbalanced, at least based on the fact that a 10% tariff will remain on all U.K. imports.
The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.
U.S. Trade Agreements Mark Progress, Despite Lingering Uncertainty, BOE's Lombardelli Says -- Update
The U.S. and China on Monday agreed to suspend most tariffs on each other's goods pending further negotiations, leading U.S. stock futures higher. The U.K. and the Trump administration last week agreed to the outlines of a trade deal, which include rolling back of tariffs on British steel and cars, though maintaining the U.S.'s global 10% tariff.