The president said he’s reached a “conclusive” and “comprehensive” trade deal with the U.K. Reality suggests otherwise.

The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

President Trump makes announcement on U.K. trade deal. The deal is the first by the United States with a country whose imports were subject to new tariffs imposed by Trump in early April.