The US and UK are set to sign a trade deal that will be completed this week, according to a new report from the Financial Times that cites officials from Washington, D.C. and London.
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US Set to Sign Trade Deal with the UK This Week
The deal is said to include exemptions on specific UK imported products, such as steel and vehicles. President Trump had previously placed 25% tariffs on these products on top of a 10% baseline tariff.
In return, the UK will lower tariffs on US agricultural products and auto exports and negotiate a comprise on its digital services tax for foreign companies. According to people familiar with the matter, the two sides have yet to agree on a pharmaceutical trade deal.
The S&P 500 (SPX) is recovering some of its losses on the day in response to the news.
