The report comes after the US President teased the announcement of an agreement with an unknown country.
US President Donald Trump is scheduled to announce a trade deal with the UK on Thursday, US media reported that it will be the first such agreement since he deployed his drastic tariffs.
The report comes after Trump mocked on social media on Wednesday the announcement of his contract with an unknown country.
“The massive press conference tomorrow morning at 10am is an oval office on major trade contracts with representatives of a large and highly respected country,” he said in a post about his true social platform. “Many first!!!”
The New York Times, who reported the news along with Wall Street Journal Politico and CNN, said it is not clear whether the agreement has been finalized.
Investors have been waiting with concern for signs of easing Trump’s trade war amid fears that long-term uncertainty about tariffs could seriously damage the global economy.
Last month, the International Monetary Fund cut its 2025 global growth forecast from 3.3% to 2.8% amid Trump’s trade salvo.
On Tuesday, US and Chinese officials confirmed that they will hold the first round of trade talks in Switzerland this weekend, raising hopes for a breakthrough in the de facto mutual trade embargo between the two global economies.
The UK was spared Trump’s “mutual” tariffs announced last month on dozens of countries, but its exports have been subject to a 10% “baseline” obligation since April 9th.
According to the UK’s Bureau of Business and Trade, the US and the UK saw a 3.9% increase in trade in goods and services in 2024 with 314.6 billion pounds ($41.9 billion) of goods and services.
Earlier this week, British Prime Minister Kiel Starmer announced the final decision on a “landmark” trade deal with India, which said it would add £4.8 billion ($6.4 billion) a year to its economy.