President
Donald Trump
is expected to announce a “major trade deal” with the UK after teasing the announcement on his
social media platform Truth Social
on Wednesday night.
It comes as the White House continues
talks with several nations following the announcement of strict
tariffs.
“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 wrote.
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Three sources familiar with the reported plans told the New York Times it involves the U.K.
The value of the British pound rose by 0.4% against the US dollar moments after details emerged.
The statement also comes as the US and China begin their first formal discussions in Switzerland.
Trump, meanwhile, is confident that the US is approaching negotiations in a strong manner.
Officials have said for weeks that they are in talks with over a dozen nations and are getting close to signing a deal, but no announcement has been made as of yet.
He has often stated that he is not in a rush to reach a deal, saying that the hefty tariffs the US has placed will help balance trade and that nations have been “ripping off” America for years.
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Despite Trump’s crew citing his bestseller “The Art of the Deal” as evidence of his strategic acumen, many people around the globe remain anxious.
This has led to a fluctuating stock market, hiring pauses, and various uncertainties, despite Trump’s ongoing assurances that new factories and job opportunities are imminent.
In any agreement, Trump aims to maintain certain tariffs. He thinks these import duties could produce substantial revenue for a significantly debt-laden federal government. However, this view contrasts with other nations’ stance that the primary purpose of reaching an accord is to eliminate such trade barriers.
They are truly wonderful for us,” Trump commented lately regarding tariffs. “If you have the ability to utilize them effectively, they will make us extremely wealthy.
We’ll be paying down our debts and significantly reducing your taxes as well. This is possible due to the substantial influx of revenue which allows us to decrease your taxes more than what you would receive from the upcoming tax cuts.
