Slightly delayed, Trump delivers the message at a press conference at the White House. "A breakthrough" and "a historic agreement", according to the US President.
This is the first in a series of agreements, says Trump at the press conference without mentioning any other countries.
In any case, it is clear that the agreement is the first since Trump announced his significant tariff increases in early April, which the President referred to as "Liberation Day" – something that triggered heavy stock market falls. The tariff increases have since been put on hold. According to Trump, the UK and the US have negotiated over the past four weeks, and final details will not be presented until the coming weeks.
American Meat
According to Trump, the agreement will include expanded market access for American goods exported to the UK, primarily agricultural products such as American meat.
Besides agricultural products, it will be about chemical, energy, and industrial exports where the US will be able to get a kind of "fast track" when it comes to customs handling.
From the British side, they are also pleased with the agreement:
— A fantastic and historic day, says British Prime Minister Keir Starmer, who was on the phone link at the press conference.
This will stimulate trade between our countries. It will not only protect jobs but also create and open up market opportunities.
Export of Cars
For the British part, it's about, among other things, being able to export 100,000 cars to the US with a tariff of 10 percent instead of the 25 percent that Trump previously set.
Among the companies that are now expected to benefit the most are Jaguar Land Rover, as well as Aston Martin and Rolls-Royce, which manufacture primarily aircraft engines. Rolls-Royce will now gain access to the American market without having to handle any tariffs.
A British airline, which is unclear, will also invest $10 billion in the American aircraft giant Boeing.
