In a surprising move, US President Donald Trump has hinted at what he describes as a significant trade deal, the first of its kind since he implemented tariffs on numerous trading partners. Scheduled for a news conference at 10:00 AM in Washington DC (15:00 BST), Trump plans to unveil an agreement involving a “big and highly respected country,” although further details remain undisclosed.
Multiple US media outlets have reported that the anticipated trade agreement is likely to be with the United Kingdom. Sources familiar with the negotiations suggest that the UK could be the partner in this significant trade deal. The BBC has reached out to both the White House and the UK's Department for Business & Trade for their comments regarding these reports.
On April 2, Trump announced steep tariffs on a wide range of trading partners, followed by a 90-day pause on the implementation of these levies. This pause has prompted governments globally to rush to finalize trade agreements with Washington before the new deadline arrives. While the UK remains subject to a 10% global tariff, it has not faced the higher reciprocal tariffs imposed on other nations. However, the UK is still dealing with a 25% US import tax on steel, aluminum, and automobiles.
In addition to the potential agreement with the UK, reports indicate that Washington is nearing trade deals with other nations, including India and Israel. The Trump administration is also actively engaging in discussions with several other countries, such as Japan, South Korea, and Vietnam, as part of an overarching strategy to reshape the global trading landscape.
President Trump has consistently emphasized his desire for nations to negotiate new deals with the United States. His administration aims to radically transform the existing global trading system, which he believes will benefit American interests and strengthen the economy.
