On June 3, 2019, Lord Nelson hangs down Whitehall on a column in Trafalgar Square, London, UK.
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The UK is reportedly planning to sign a trade deal with the US, and was first able to do so after the world’s largest economy announced stiff “mutual” tariffs on friends and enemies in April.
The New York Times reported the development after President Donald Trump said Wednesday night there was an explanation of the next day trade deal without giving details.
CNBC did not receive a reply from the White House in Washington and the British Embassy for comment on the news.
A spokesman for the UK’s business and trade sector in response to a question from CNBC, “The United States is an essential ally and discussions on economic transactions between the United States and the United Kingdom are underway.”
However, the spokesman said the department would not comment on the details of the live discussion or set a timeline.
“We aim to continue a gentle and stable approach for consultation and find a resolution to ease pressure on UK businesses and consumers,” the spokesman said.
NYT said it was unclear whether the two sides will sign a final transaction or contract framework, or whether they will sign a contract framework that will continue to negotiate in the coming months.
The UK, which has a trade deficit with the US, escaped higher “mutual” tariffs when Trump announced his “liberation day” duties, but still suffered a baseline 10% collection.
On April 15th, US Vice President JD Vance said the UK has a “good opportunity” to secure a trade deal with the US.
“Yes, I think we’re likely to reach a big agreement that is in the best interest of both countries,” he added.
But on Tuesday, Trump appeared to contradict White House officials, but he said the US doesn’t need to “sign the deal” with its trading partners.
“We don’t have to sign a deal. They need to sign a deal with us. They want a part of our market. We don’t want a part of their market,” Trump said.
Read the complete NYT story here.
– Holly Ellyatt and Erin Doherty of CNBC contributed to this story.
