Washington and London reveal details of trade deal

"The first of its kind." That's how Donald Trump described the trade deal with the United Kingdom, accompanied on the phone by Prime Minister Keir Starmer. "We’ll be working together as allies to ensure that we have a strong industrial base, appropriate export controls and protections for key technologies and industries like steel," the Republican added.

While details of the deal, which both governments described as a work-in-progress, have yet to be known, they did specify that the reciprocal tariffs of 10% will remain in place.

"This trade deal will significantly expand US market access in the UK, creating a $5 billion opportunity for new exports for US farmers, ranchers, and producers," the White House maintained in a communique.

"Under the deal, UK car manufactures are limited to a 100,000 per year vehicle quota at the reciprocal rate of 10% and thereafter will pay 25%," the Commerce Department stated.

Starmer’s government stressed that it was the first agreement reached by the United States, and its second in a few days after the one sealed with India. "The UK steel industry – which was on the brink of collapse just weeks ago – will no longer face tariffs thanks to today’s deal. The Prime Minister negotiated the 25% tariff down to zero, meaning UK steelmakers can carry on exporting to the US," he reported.

"We will also remove the tariff on ethanol – which is widely used in our manufacturing sector - coming into the UK from the US, down to zero."