Donald Trump to announce trade agreement with UK: Report

US President Donald Trump is anticipated to announce a trade agreement between the United States and Britain on Thursday, as reported by the New York Times, citing three individuals familiar with the plans. This comes as Trump mentioned on Truth Social that he would conduct an Oval Office news conference on Thursday regarding a "major trade deal with representatives of a big, and highly respected, country.”

While he did not provide further details, Trump indicated it would be the "first of many." A White House spokesperson declined to comment on the Times report. This deal would be the second for Britain in a week, following a free trade agreement with India.

A UK official stated on Tuesday that Britain and the US had made significant progress on a trade deal that would likely involve reduced tariff quotas on steel and automobiles. Britain is also engaged in "active discussions" with senior US officials regarding the 100 per cent tariff on all films produced outside the US, as announced by Trump, according to creative industries minister Chris Bryant in parliament. 

The announcement of a US-UK trade deal coincides with preparations by US and Chinese officials to hold discussions in Switzerland on Saturday. Trade specialists have cautioned that Trump's demands might compel London to address sensitive issues related to trading relationships with the European Union and China. 

Analysts highlight that British manufacturers, being part of European and global supply chains, could suffer from retaliatory actions against US tariffs.

Trump's senior officials have been actively engaging in numerous meetings with trading partners since the president imposed a 10 per cent tariff on most countries on April 2, along with higher "reciprocal" tariff rates for many trading partners, although these rates were later suspended for 90 days. Britain was not among the countries affected by additional tariffs, as it imports more from the US than it exports there.

Trump has also implemented 25 per cent tariffs on automobiles, steel, and aluminium, 25% tariffs on Canada and Mexico, and 145 per cent tariffs on China. On Tuesday, Trump mentioned that he and senior administration officials would evaluate potential trade agreements over the next two weeks to determine which ones to accept. Last week, he stated that he has "potential" trade deals with India, South Korea, and Japan.