Senators Kevin Cramer and Bill Hagerty discussed tariff negotiations under President Donald Trump on a recent segment of ‘Kudlow.’ President Trump is anticipated to announce a significant trade agreement between the United States and the United Kingdom on Thursday, according to a report.
On Wednesday, Trump stated on Truth Social that the announcement would occur during a news conference at the Oval Office. He mentioned a “Major Trade Deal” with representatives from a respected country, which he described as the “first of many,” though he did not provide further details.
The New York Times reported that Trump’s announcement is expected to involve a trade deal with the UK. This agreement would be the second for Britain in one week, following a free trade pact with India.
A UK official mentioned that the two countries had made progress on a deal likely to include lower tariff quotas on steel and automobiles. This news emerges as U.S. and Chinese officials are scheduled to meet in Switzerland to potentially address the ongoing trade war between the two largest global economies.
The trade dispute has unsettled financial markets and sparked concerns of a recession, with business leaders and central bankers navigating unpredictable policies influencing global supply chains. The International Monetary Fund recently reduced growth forecasts for the U.S., China, and most other countries, attributing this to the impact of U.S. tariffs and growing trade tensions.
Reuters provided additional information for this report.
