US-UK trade deal live: Trump to announce tariff cuts and hails ‘full and comprehensive’ agreement with Britain – UK Times

Theresa May, Boris Johnson, Liz Truss and Rishi Sunak all promised – but failed to deliver – a post-Brexit trade deal with the US.

And, less than a year after entering Downing Street, Sir Keir Starmer has got the job done. Or has he?

The prime minister has secured what Donald Trump is calling a “major trade deal” with the US president saying it would be a “big and exciting day” for the US and UK – which he praised as a “highly respected country”.

Read the full story here:

Donald Trump announced a “full and comprehensive” trade agreement after teasing a “big and exciting” day with the UK earlier on Thursday.

He is expected to provide detail of the deal at around 3pm from the White House, with British prime minister Keir Starmer set to do the same at a similar time.

Downing Street also said UK-US trade talks have been “continuing at pace” when asked about Mr Trump’s comments.

Although the details are unclear, it is expected that Trump could remove tariffs that were slapped on UK goods in April.

Industries who will be watching Mr Trump’s Oval Office announcement closely on Thursday include the film and TV industry and pharmaceutical industry.

Mr Trump has threatened to levy 100 per cent tariffs on films made outside America, which the PM has been warned would devastate film and TV production in the UK.

British officials have been locked in talks with US counterparts since Mr Trump outlined the plans, with a view to exempting Britain from the levies.

Officials have also been desperately trying to exempt British firms from a fresh threatened 25 per cent tariff on pharmaceuticals produced abroad.

The measure would have a huge impact on UK giants GlaxoSmithKline and AstraZeneca, and negotiators are racing to find a carve out.

Bank of England governor Andrew Bailey welcomed the expected announcement of a UK-US trade deal later on Thursday afternoon.

He said: “We haven’t been briefed, but we do have news to suggest that there will be an agreement and we welcome this news. It will help to reduce uncertainty.

“The UK is, though, a very open economy and is affected by the tariffs affecting other economies.

“I say that because I hope the UK agreement, if it is the case this afternoon, is the first of many.

“It is excellent that the UK is leading the way and I do congratulate all those involved.”

Read the full analysis from political correspondent Archie Mitchell here:

London’s FTSE 100 Index held onto gains following the rate cut decision while the pound strengthened slightly just hours before a UK-US trade announcement.

The FTSE 100 stood 30 points higher at 8589.3, up 0.4 per cent, after rates were cut to 4.25 per cent from 4.5 per cent.

Sterling edged 0.3 per cent higher to 1.3331 US dollars and was 0.2 per cent up at 1.1770 euros.

At midday, the Bank of England cut UK interest rates to 4.25 per cent, following a split vote among policymakers.

The Bank’s nine-person Monetary Policy Committee (MPC) voted by a majority of five-four to reduce rates by 0.25 percentage points, bringing it down to the lowest level since May 2023.

Downing Street insisted that lowering food standards remained a “red line” for any US trade deal.

The Prime Minister’s official spokesman said: “We have always been clear on our red line when it comes to food standards.

“We are not going to lower British food standards. That’s something set out in the manifesto.”

Downing Street did not comment on Donald Trump’s claim that the UK had agreed a “full and comprehensive” trade deal with the US.

Asked whether this was the case, the Prime Minister’s official spokesman said: “You’ve got his words and we’ve always been clear that we want to do a deal that’s in the British national interest, and support a substantial UK-US trading relationship.

“Those talks are continuing and we look forward to providing an update later today, when you will have the PM’s words to describe it.”

Theresa May, Boris Johnson, Liz Truss and Rishi Sunak all promised – but failed to deliver – a post-Brexit trade deal with the US.

And, less than a year after entering Downing Street, Sir Keir Starmer has got the job done. Or has he?

The prime minister has secured what Donald Trump is calling a “major trade deal” with the US president saying it would be a “big and exciting day” for the US and UK – which he praised as a “highly respected country”.

Read the full story here: