Trump tariffs live updates: Trump team said to eye cutting tariffs to 60% at US-China talks
President Trump on Thursday announced a trade deal with the UK, the first for his administration since imposing — then pausing — sweeping "reciprocal" tariffs against all trading partners in early April.
Trump said the "breakthrough" US-UK trade agreement — which he called "a great deal for both countries" — would boost US export markets for agricultural products, including beef and ethanol.
"The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol and virtually all of the products produced by our great farmers," he said in the Oval Office.
UK Prime Minister Keir Starmer, who joined Trump by phone, said it was a "fantastic, historic day."
The UK will still face a universal 10% tariff on its exports to the US, Commerce Secretary Howard Lutnick said. The UK said the US will scale back the 25% sectoral tariffs on most foreign autos to 10% and eliminate tariffs on steel exports.
Other details will be finalized in the coming weeks, Trump said.
Meanwhile, US negotiations with the UK's neighbors in the EU have taken a different tone, with the EU on Thursday unveiling a list of US products it will target with tariffs in the event trade negotiations fail.
But Trump himself took a different tone toward negotiations with China, as top US officials, including Treasury Secretary Scott Bessent are set to meet with Chinese counterparts this weekend. Trump suggested he might meet with Chinese President Xi after the initial talks. He also suggested he could lower 145% tariffs if the talks go well.
China has reportedly compiled a list of US goods exempt from its 125% tariffs, aiming to ease trade tensions without making public concessions. Meanwhile, Trump has defended the China tariffs, claiming China "deserves it" and would likely absorb the costs.
On the economic front, Federal Reserve Chair Jerome Powell emphasized on Wednesday that while sentiment has deteriorated, the tariff "shock hasn't hit yet" as the central bank held interest rates steady.
The scale of tariff disruption on the economy will largely depend on how quickly trade deals are reached. After meeting with Canadian Prime Minister Mark Carney on Tuesday, Trump said that the onus to make offers falls on other countries.
"We don't have to sign deals," he said at the White House. "They have to sign deals with us."
Here are the latest updates as the policy reverberates around the world.
