LONDON (dpa-AFX) - The United States and the UK are expected to announce a deal to reduce tariffs on each other's goods on Thursday, media reports said.
'Big news conference tomorrow morning at 10:00am, the Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!' President Donald Trump teased in a brief statement posted on Truth Social platform late Wednesday.
While Trump did not disclose the country or the terms of the agreement that Washington is going to sign with, BBC reported that the trade partner is the UK.
The deal could see reduced tariffs for importing cars to the U.S. and UK, and a cut in the digital sales tax on US firms, it says.
Reuters quoted a British official as saying that the United States and the UK were working to cut tariffs on steel and automobiles.
The U.S. had announced 25 percent tariff on these two goods.
The UK currently imposes a 10 percent tariff on cars imported from the United States.
'The United States is an indispensable ally for both our economic and national security,' a Downing Street spokesperson said. 'Talks on a deal between our countries have been continuing at pace and the Prime Minister will update later today.'
If signed, it would mark the first such agreement for the Trump administration since it imposed huge tariffs against multiple countries last month.
The UK and India had agreed on a trade deal earlier this week.
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