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Cryptocurrency News Articles

President Donald Trump on Thursday announced a preliminary trade agreement with the UK—his first since escalating global tariffs last month—marking a politically strategic breakthrough for both his administration and UK Prime Minister Keir Starmer.

May 08, 2025 at 11:32 pm

President Donald Trump on Thursday announced a preliminary trade agreement with the UK—his first since escalating global tariffs last month—marking a politically strategic breakthrough for both his administration and UK Prime Minister Keir Starmer.

President Donald Trump announced on Thursday a preliminary trade agreement with the UK—his first since escalating global tariffs last month—marking a politically strategic breakthrough for both his administration and British Prime Minister Keir Starmer.

Speaking from the Oval Office, Trump declared the deal a “historic” framework that would “cement the relationship between the United States and the United Kingdom for many years to come.” The agreement, still pending finalization, includes expanded U.S. market access to Britain—particularly for agricultural exports such as beef and ethanol—along with commitments by the U.K. to reduce non-tariff barriers and expedite American goods through customs.

“This deal includes billions of dollars in increased market access,” Trump said, framing the pact as a vindication of his “reciprocity and fairness” trade doctrine. Commerce Secretary Howard Lutnick projected $6 billion in new U.S. revenue from a 10% tariff on British imports.

Starmer, calling into the press event via speakerphone, praised the deal as “a real tribute to the history that we have of working so closely together,” and one that would “protect jobs, create jobs, and open market access.”

He later emphasized that “some details still need ironing out,” reinforcing that the deal remains in draft form.

The agreement marks a milestone in Trump’s second term, which has seen him impose sweeping tariffs of up to 25% on autos, steel, and aluminum from several countries, including the U.K., in an effort to reduce the U.S. trade deficit. The move sparked retaliatory tariffs from U.S. trading partners and threatened to escalate into a trade war.

The British government had previously applied for a trade deal with the U.S. after Brexit, but those efforts were largely ignored by the Trump administration. In contrast, Starmer's administration refrained from criticizing Trump's administration and did not impose any tariffs in response to the U.S. tariffs, which appears to have paid off in securing the trade agreement.

"We applied for a trade deal with the U.S. after Brexit, but they weren't interested. They didn't respond to our requests. It seems they were waiting for a prime minister who wouldn't criticize them and who wouldn't impose tariffs in retaliation for the U.S. tariffs. We decided to do both."

"With this president, with this prime minister, we've managed to achieve what many people tried to achieve for many years."

The agreement will not compromise the U.K.'s regulatory standards on food safety—meaning no chlorine-rinsed chicken or hormone-treated beef will be allowed into the country.

"This is a trade deal that will create jobs and boost our economy. It's also a testament to the strong relationship between our two countries," Starmer said in a statement. "We've stood shoulder to shoulder through thick and thin, and we'll continue to do so in the years to come."

The timing of the deal serves both political and economic ends for Trump. The U.S. enjoys a $12 billion goods trade surplus with the U.K., making it a low-risk, high-reward partner to debut his second-term trade strategy. Despite accounting for just 2% of U.S. goods imports, the U.K. is America's eighth-largest trading partner, with $148 billion in bilateral trade in 2024.

The announcement also revives long-postponed hopes for a post-Brexit U.S.-U.K. trade accord. While previous British governments courted the Trump administration unsuccessfully, Starmer's diplomatic posture—avoiding criticism of Trump and refraining from retaliatory tariffs—appears to have paid off.

"We applied for a trade deal with the U.S. after Brexit, but they weren't interested. They didn't respond to our requests. It seems they were waiting for a prime minister who wouldn't criticize them and who wouldn't impose tariffs in retaliation for the U.S. tariffs. We decided to do both."

"With this president, with this prime minister, we've managed to achieve what many people tried to achieve for many years."

The agreement will not compromise the U.K.'s regulatory standards on food safety—meaning no chlorine-rinsed chicken or hormone-treated beef will be allowed into the country.

"This is a trade deal that will create jobs and boost our economy. It's also a testament to the strong relationship between our two countries," Starmer said in a statement. "We've stood shoulder to shoulder through thick and thin, and we'll continue to do so in the years to come."

The timing of the deal serves both political and economic ends for Trump. The U.S. enjoys a $12 billion goods trade surplus with the U.K., making it a

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