President Donald Trump said on May 8 that he had reached a trade agreement with Britain and that it would be a “great deal for both countries.”
“The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers,” he said at a press conference in the Oval Office on May 8.
Trump said the UK would be “fast-tracking American goods through their customs process,” and that “there won’t be any red tape, things are going to move very quickly both ways.”
He said that the “final details” were still being “written up.”
“The actual deal is a very conclusive one we think, just about everything has been approved,” the president said.
British Prime Minister Keir Starmer, speaking in London at the same time, said, “This is a really fantastic, historic day.”
U.S. Commerce Secretary Howard Lutnick said the deal would create $5 billion in “opportunity for American exports.”
Lutnick said a British airline had agreed to buy “$10 billion worth of Boeing planes later today” and that UK-made Rolls-Royce engines would be excluded from tariffs.
Under the deal, U.S. tariffs on British cars fall to 10 percent for the first 100,000 vehicles imported, and tariffs on steel are scrapped completely.
In a nod to British-made Aston Martin cars, Trump said jokingly, “James Bond has nothing to worry about, that I can tell you.”
He added, “Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement.”
Trump did not provide further details of the deal, which is due to be formally announced at 10 a.m. at the White House.
British Prime Minister Keir Starmer’s office said he would give an “update” about U.S. trade talks later in the day.
“As you know, talks with the U.S. have been ongoing and you’ll hear more from me about that later today.” Starmer said at a defense conference in London.
It is the first bilateral trade deal announced since Trump began to impose tariffs on U.S. trading partners. Shortly after imposing reciprocal tariffs on April 2, he paused them for 90 days on all nations except for China, sparking a flurry of negotiations.
On Wednesday, on Truth Social, Trump said, “Many other deals, which are in serious stages of negotiation, to follow!”
Last month the Trump administration imposed a 10 percent tariff on imports from Britain, currently on pause, as well as a 25 percent charge on imported autos, steel and aluminium.
Responding to the tariffs at the time, Starmer acknowledged the 10 percent rate would “clearly” have an impact, but called for a “cool and calm” approach and said he wanted a “fair and balanced” trade relationship with the United States.
Bessent did not specify which countries are involved but said he anticipates a “substantial reduction of the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation, and subsidies.”
After talks at the White House on Feb. 27, Starmer said a trade deal between Washington and London would have “advanced technology at its core.”
Starmer said, “Our two nations together shaped the great technological innovations of the last century. We have a chance now to do the same for the 21st century. I mean, artificial intelligence could cure cancer. That could be a moonshot for our age, and that’s how we’ll keep delivering for our people.”
In London, on Wednesday, a Downing Street spokeswoman said, “The prime minister will always act in Britain’s national interest, for workers, for business, for families.”
“The United States is an indispensable ally for both our economic and national security,” she added.
British Chancellor of the Exchequer Rachel Reeves said, “There’s an incredibly strong trade and investment link between the UK and the U.S. A million Brits work for American firms and a million Americans work for British firms.”
When asked whether the United States or the European Union was Britain’s most important trade partner, she said, “We shouldn’t choose between countries.”
In Parliament, a Conservative MP, Mark Pritchard, said: “Can I welcome the UK–US trade deal, and congratulate the prime minister on that deal. It’s very much in the national interest, although, of course, the devil is in the detail.”
“But could we have a debate on the concerns of British farmers around that trade deal—chlorinated chicken, hormone-fed beef and, of course, antibiotics in pig farming,” he said.
“Can the minister assure the House, assure Shropshire farmers and British farmers that British agriculture is safe with this trade deal?” he added.
The Leader of the House of Commons, Lucy Powell, replied by praising Starmer and his trade minister, Jonathan Reynolds, for “the amazing work that they’ve done to get us to this point today.”
“The issues that he raises of food standards and agriculture have been red lines for this government in those trade talks, and he will get the details later today,” added Powell.
