President Donald Trump is set to unveil what he calls the “first of many” trade deals during a press conference scheduled for 10:00 A.M. Thursday in the Oval Office.
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Trump posted on his Truth social media Wednesday evening.
Scott Bessent, the Treasury Secretary, told lawmakers on Tuesday that 17 of the 18 most critical trading relationships are currently under negotiation.
“Approximately 97 or 98 percent of our trade deficit is with 15 countries,” he said during testimony before the House Appropriations Subcommittee on Financial Services and General Government.
“Eighteen percent of the countries are our major trading partners. And I would be surprised if we don’t have more than 80 or 90 percent of those wrapped up by the end of the year — and that may be much sooner.”
Bessent also suggested that new agreements could be unveiled in the immediate future. “You may see developments as early as this week,” he said.
Commerce Secretary Howard Lutnick hinted last week that the Trump administration has reached its first trade agreement, but said the deal was not yet finalized and stopped short of naming the country involved.
“I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly,” Lutnick told CNBC.
Chatter out of London this week points to a nearly finalized U.K.-U.S. trade agreement, with negotiators on both sides reportedly close to sealing a pact that would shield British car and steel exports from the full weight of the 25 percent tariffs imposed.
Sources familiar with the talks say the deal would allow British vehicles and steel to enter the United States under reduced tariffs, up to a pre-agreed quota. In return, the U.K. would cut tariffs on U.S. cars and agricultural goods, and ease the impact of its digital services tax on major American tech firms.
If confirmed, the deal would mark a significant step forward in the special relationship between the United Kingdom and the United States.
While President Trump is expected to unveil a new trade deal as soon as tomorrow, it remains unclear whether the agreement involves Great Britain. True to form, Trump is keeping everyone on edge.
This is a developing story. More to come once details become available.
UPDATE, May 8, 2025 — President Trump confirmed this morning that the first trade deal under his administration indeed is with the United Kingdom. Detailsare available in our follow-up report.
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