Breakthrough UK-US Trade Deal Sparks Wall Street Rally
The United States and the United Kingdom announced a limited bilateral trade agreement, maintaining some tariffs but expanding agricultural access and lowering duties on car exports. This marks the first of several anticipated deals as Trump aims to reduce the U.S. goods trade deficit.
In a significant move, U.S. President Donald Trump and UK Prime Minister Keir Starmer unveiled a bilateral trade agreement on Thursday. Although Trump's 10% tariffs on British exports remain, the deal moderately expands agricultural access and decreases U.S. duties on British cars.
This agreement initiates a series of potential tariff-lowering trade deals Trump hopes to finalize, aiming to reduce a $1.2 trillion U.S. goods trade deficit. Announced in the Oval Office with Starmer joining via speakerphone, Trump emphasized the unique nature of the deal with the UK, advising other nations against expecting similar terms.
The trade pact sent U.S. financial markets soaring, highlighting Trump's push to stabilize global trade relations. However, the deal stopped short of addressing the UK's digital services tax, signaling further negotiations ahead. Investors remain focused on the upcoming U.S.-China trade discussions in Switzerland.
(With inputs from agencies.)
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