U.S., U.K. Announce Historic Trade Deal with Tariff Cuts, Details Pending

The United States and the United Kingdom announced a new bilateral trade deal, marking the first such agreement since President Trump imposed sweeping global tariffs. The deal reduces U.S. tariffs on British autos from 27.5% to 10% for up to 100,000 vehicles and eliminates tariffs on steel and aluminum, while a general 10% tariff on other goods will remain. The U.K. will lower tariffs on American beef, ethanol, and machinery, enhancing market access, though specific timelines and final terms are still being finalized. Prime Minister Keir Starmer hailed the deal as historic and a boost for job creation, while some critics, including Democratic Senator Ron Wyden and Labour's shadow trade secretary, expressed skepticism about the deal's details and its comprehensiveness. Bank of England Governor Andrew Bailey emphasized the importance of rebuilding UK-EU trade ties alongside this U.S. agreement, and political figures on both sides debated the deal’s merits and implications. President Trump downplayed the likelihood of similar deals with other nations, framing this agreement as validation of his trade policies.