Trump expected to announce trade deal with UK
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The news: Donald Trump is reportedly set to announce overnight that the US will strike a trade agreement with the UK.
The numbers: The US president imposed a 10% tariff on British goods — the lowest level globally — as part of his 'Liberation Day' announcement in early April. The UK is also subject to Trump's 25% tariff on import of steel, aluminium and automobiles.
The context: The New York Times was first to report that a trade deal with the UK was imminent, citing unnamed sources. It followed Trump's earlier announcement on his Truth Social platform that he would be holding a press conference on Thursday at 10am, Washington time (12am Friday AEST) on a "MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY".
The Wall Street Journal, also citing anonymous sources, later reported that the announcement is expected to be a framework of an agreement with Britain that includes tariff adjustments.
S&P futures rose following Trump's announcements and the reporting on an imminent deal.
British officials said earlier this week that talks with the US on a trade agreement were ongoing, and the UK also announced a major trade deal with India this week.
The sources: The New York Times, The Wall Street Journal
