The U.S. Stars and Stripes flag hangs on Whitehall with the figure of Lord Nelson on the top of his column in Trafalgar Square, on 3rd June 2019, in London England.Â
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Britain is set to sign a trade deal with the U.S., making it the first country to do so after the world’s largest economy announced stiff “reciprocal” tariffs against friends and foes alike in April.
The White House is due to hold a press conference at 10:00 a.m. ET (3 p.m. London time) on Thursday in the Oval Office.
In a post on Truth Social, U.S. President Donald Trump said Thursday: “The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come.”
“Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!”
The New York Times first reported that a U.K.-U.S. announcement would be made on Thursday.
CNBC did not receive a response from the White House and the British Embassy in Washington seeking comments on the news.
A government spokesperson from the U.K.’s Department for Business and Trade said in response to CNBC’s queries that: “The U.S. is an indispensable ally and talks on an economic deal between the U.S. and the UK are ongoing.”
The spokesperson said the department will not comment on any details of live discussions or set any timelines.
“We will continue to take a calm and steady approach to talks and aim to find a resolution to help ease the pressure on UK businesses and consumers,” the spokesperson said.
Britain, which runs a trade deficit with the U.S., was spared the higher “reciprocal” tariffs when Trump announced his “Liberation Day” duties, although it was still hit with the baseline 10% levy.
On April 15, U.S. Vice President JD Vance said that the U.K. has a “good chance” of securing a trade deal with America.
“I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries,” he added.
However, on Tuesday, Trump appeared to contradict White House officials, when he said that the U.S. does not need to “sign deals” with trade partners, despite top White House officials claiming for weeks that such deals were the administration’s top priority.
“We don’t have to sign deals, they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said.
Read the full NYT story here.
— CNBC’s Jenni Reid, Holly Ellyatt and Erin Doherty contributed to this story.
