U.S. President Donald Trump announced on Wednesday that he plans to unveil a trade agreement with a major nation on Thursday, with a New York Times (NYSE: NYT) report suggesting that the country involved is likely the United Kingdom.
“Big news conference tomorrow morning at 10:00 A.M. in the Oval Office about a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!,” Trump posted on Truth.Social.
According to the New York Times, which cited three sources familiar with the matter, the deal is expected to be with Britain. While specific details remain unclear, past discussions between the U.S. and UK have focused on reducing tariffs on each other’s goods.
It’s also uncertain whether the deal has been fully finalized or if it’s just a framework to guide further negotiations, the Times reported.
Trump’s administration has been holding bilateral trade negotiations with several key economies in recent weeks, though earlier this week he indicated he was in no rush to finalize agreements.
These trade talks largely center on Trump’s push to introduce steep “reciprocal” tariffs on major U.S. trading partners. Thursday’s announcement marks the first significant trade deal following Trump’s introduction of reciprocal tariffs back in early April. He delayed their implementation by 90 days, saying the goal was to encourage countries to come to the negotiating table.
The UK was not directly impacted by these reciprocal tariffs, as it imports more from the U.S. than it exports to it. However, Britain still faces a general 10% tariff, along with hefty industry-specific duties, such as a 25% tariff on steel, aluminum, and automobiles.
The Times report noted that removing the 10% general tariff is not expected to be part of the upcoming deal.
Trump’s announcement also comes as his administration prepares for trade discussions with China later this week. Treasury Secretary Scott Bessent is scheduled to meet with his Chinese counterpart in Switzerland. Still, a breakthrough with China seems unlikely, as Trump has ruled out reducing the 145% tariffs on Chinese goods—something Beijing has insisted on before moving forward with any major negotiations.
