5 hours Ago
UK Likely to Be the Deal Partner
Several American media sources have reported that the agreement could be with the United Kingdom. However, neither the White House nor the UK's Department for Business & Trade has confirmed this information.
Tariffs and Global Reactions
On April 2, Trump introduced new tariffs affecting dozens of countries, then announced a 90-day pause to allow time for negotiations. Governments worldwide have since been racing to secure trade agreements with the US before the temporary pause ends. A 10% global tariff remains in effect, including for the UK, although the country was not targeted by the more severe "reciprocal" tariffs.
UK Still Affected by US Import Taxes
Despite being a close ally, the UK faces a 25% import tax from the US on steel, aluminium, and car exports. These measures have increased the urgency for a bilateral trade deal that could ease such financial burdens.
Deals in the Works with India and Israel
Reports also suggest that Washington is nearing trade deals with India and Israel. Additionally, negotiations are ongoing with other countries such as Japan, South Korea, and Vietnam, as part of Trump's push to reshape the international trade system.
US-China Trade Talks to Resume
This week also marks the start of new trade discussions between the US and China. Talks will take place in Switzerland from May 9 to 12. Chinese Vice Premier He Lifeng is set to attend, with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer representing the US side.
These will be the first major trade discussions between the two nations since Chinese Vice-President Han Zheng participated in Trump's inauguration earlier this year. Since Trump's return to the White House, he has imposed tariffs of up to 145% on Chinese imports, while Beijing has retaliated with duties of up to 125% on certain American goods.
UK and India Finalize Separate Trade Deal
Separately, the UK and India recently signed a trade agreement to support exports. This deal will make it easier for UK businesses to export items like whisky and cars to India, while also reducing tariffs on Indian clothing and footwear exports to the UK.
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