President Donald Trump is set to announce a new trade deal with Britain on Thursday, The New York Times reports.
Newsweek reached out to the Department of the Treasury via email for comment Wednesday night.
Why It Matters
Stock markets dipped, and experts warned of a possible recession after Trump’s flip-flops on tariffs in recent weeks. The president threatened that the United States would impose tariffs on more than 180 countries and a 10 percent “baseline” tariff on all imports.
Following pushback from a number of Republicans and advisers, Trump reversed course and announced on social media that he was issuing a 90-day pause and a “substantially” lower reciprocal tariff rate of 10 percent. Stocks immediately took off following the announcement.
Trump has also suffered a slide in the polls in recent weeks, as more Americans have seemingly soured on his handling of the economy and other key policies like immigration.
What To Know
In an announcement on Truth Social about 9 p.m. Wednesday, Trump said, “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!!!”
The Times then reported that the agreement will be with the U.K. This is the first deal the administration will have secured since enacting sweeping tariffs on numerous allies.
Trump has been asked repeatedly if Americans can expect short-term pain in the immediate aftermath of the tariffs. He has labeled this time a “transition period,” telling Americans to “hang tough,” adding that “it won’t be easy, but the end result will be historic.”
What People Are Saying
Democratic Representative Jason Crow of Colorado on X, formerly Twitter, last month: “Most Americans live paycheck to paycheck. ‘Short term pain’ for them means unpaid bills, lost homes, or not being able to afford food. Donald Trump’s tariff tax increases are hurting working people.”
Republican Congresswoman Lauren Boebert of Colorado on X last month: “President Trump ran on helping the American worker and bringing back American manufacturing. Our farmers, cattlemen and ranchers are THRILLED with these tariffs, as well. That is what these tariffs are about – putting OUR PEOPLE first. In the end, America wins!”
This is a developing story that will be updated with additional information.