Updates with NYT report.
Investing.com– U.S. President Donald Trump said on Wednesday that he will announce a trade deal with a major country on Thursday, with a report from the New York Times (NYSE:NYT) stating that the country was likely the UK.
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!,” Trump said in a post on Truth.Social.
The NYT reported that the deal will be with Britain, citing three people familiar with the plans. Details of the agreement were not immediately clear, although trade talks between the U.S. and the UK have covered lower British tariffs on American goods, and vice-versa.
It was also not clear whether the deal had been finalized or was a framework agreement to set the stage for more negotiation, the NYT report said.
Trump’s administration has engaged in bilateral trade talks with several major economies over the past month, although he earlier this week said he was in no hurry to sign any trade deals.
Ongoing trade talks are largely over Trump’s plans to impose steep “reciprocal” trade tariffs on large U.S. trading partners.
Thursday’s agreement will be the first major trade deal after Trump unveiled his reciprocal tariffs in early-April. He had postponed their imposition by 90 days, claiming that the move was largely a bid to bring countries to the negotiating table.
The UK was not subject to any of Trump’s reciprocal tariffs, given that the country imports more from the U.S. than it sells to it. But the country is still subject to a 10% universal tariff, as well as steep sectoral tariffs, such as a 25% duty on steel, aluminum, and automobile imports.
The NYT report said Trump’s administration was not considering removing the 10% tariff as part of a trade deal.
Trump’s announcement comes as his administration prepares to engage in trade talks with China this week. Treasury Secretary Scott Bessent will meet his Chinese counterpart in Switzerland later in the week.
But a trade deal with China appears unlikely, given that Trump said he will not lower his 145% tariffs against the country- which Beijing has demanded before agreeing to any major trade negotiations.
