Washington, May 8 (IANS) The United States and United Kingdom on Thursday announced a trade deal that is the first under President Donald Trump’s sweeping tariffs on nearly all of America’s trading partners in April.
President Trump previewed the deal in posts on Truth Social and was joined by Prime Minister Keir Stammer of the UK on phone at the formal announcement in the Oval Office of the White House.
“Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day,” President Trump said in a post on Truth Social, referring to April 2, when the tariffs were announced.
“They are opening up the country,” he said at the Oval Office event. “Their country is a little closed, and we appreciate that. They’ll also be fast tracking American goods through their customs process, so our exports go to a very, very quick form of approval, and there won’t be any red tape. Things are going to move very quickly both ways.”
Although details of the deal are still being hammered out, President Trump gave out some in his social media post. “As part of this Deal, America will raise $6 BILLION DOLLARS in External Revenue from 10% Tariffs, $5 BILLION DOLLARS in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the U.S. and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS.”
Joining in on phone, Stammer said, “This is a really fantastic, historic day in which we can announce this deal between our two great countries. And I think it’s a real tribute to the history that we have of working so closely together.”
The US has been in consecutive trade negotiations with multiple countries, including India, and officials here had expressed confidence of wrapping up a deal with India at the earliest, with one or two of them saying it could be the first of the lot.
American officials are set to hold their first trade talks with America’s largest trading partner China on Saturday in Switzerland.
–IANS
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