Trump to announce trade deal with UK on May 8 — Report

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NEW YORK, – US President Donald Trump is expected to announce on Thursday a trade deal with the United Kingdom, The New York Times said, citing sources.

This will be Washington’s first trade deal after it imposed customs tariffs. Details of the agreement not known. According to The New York Times, the sides will announce a framework agreement and continue working on deal’s final terms.

Apart from that, Washington is close to trade deals with Israel and India and is in talks with Vietnam, South Korea, and Japan, the newspaper noted.

Earlier in the day, Trump announced plans to hold a “big news conference” on Thursday “concerning a major trade deal with representatives of a big, and highly respected, country.”

The Financial Times reported on May 6 that Washington and London could sign an agreement on lowering US tariffs on British cars and steel already this week.

On April 2, US President Donald Trump announced plans to impose customs duties on products from 185 countries. Russia is not on the list. Universal tariffs of 10% came into force on April 5, individual tariffs on April 9. Later Trump suspended the effect of the additional import duties imposed reciprocally on some countries for 90 days. The White House explained that the pause is related to trade negotiations, during which a “universal tariff of 10%” will be in effect.