The U.S. Stars and Stripes flag hangs on Whitehall with the figure of Lord Nelson on the top of his column in Trafalgar Square, on 3rd June 2019, in London England.
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Britain is reportedly set to sign a trade deal with the U.S., making it the first country to do so after the world’s largest economy announced stiff “reciprocal” tariffs against friends and foes alike in April.
The New York Times reported the development after U.S. President Donald Trump said on Wednesday night stateside that there will be a briefing about a trade deal next day, without revealing any details.
CNBC did not receive a response from the White House and the British Embassy in Washington seeking comments on the news.
It was uncertain if both sides will sign a finalized deal or a framework for an agreement that they would continue negotiating in the coming months, NYT said.
Britain, which runs a trade deficit with the U.S., was spared the higher “reciprocal” tariffs when Trump announced his “Liberation Day” duties, although it was still hit with the baseline 10% levy.
On April 15, U.S. Vice President JD Vance said that the U.K. has a “good chance” of securing a trade deal with America.
“I think there’s a good chance that, yes, we’ll come to a great agreement that’s in the best interest of both countries,” he added.
However, on Tuesday, Trump appeared to contradict White House officials, when he said that the U.S. does not need to “sign deals” with trade partners, despite top White House officials claiming for weeks that such deals were the administration’s top priority.
“We don’t have to sign deals, they have to sign deals with us. They want a piece of our market. We don’t want a piece of their market,” Trump said.
Read the full NYT story here.
— CNBC’s Holly Ellyatt and Erin Doherty contributed to this story.
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