Breaking: Trump Announces ‘Full and Comprehensive’ Trade Deal with Britain, Final Details Still to Come

President Donald Trump and U.K. Prime Minister Keir Starmer announced a historic trade deal between the two countries on Thursday that Trump says will include billions of dollars of increased market access for American exports, including beef, ethanol and other farm products.

The president, speaking from the Oval Office, said the details of the deal with Britain will be finalized in the coming weeks, but said the close U.S. ally has agreed to "eliminate numerous non-tariff barriers" under the agreement, which Trump touted as a "great deal for both countries."

U.S. Commerce Secretary Howard Lutnick said the deal would create $5 billion of opportunity for U.S. exports after Britain identified products it was importing from other countries that it could instead purchase from the U.S.

Trump said the deal will also include a "historic" economic security component and said that Britain will "fast track" American goods through its customs process.

Under the deal, the U.K. will still be subject to Trump’s 10 percent baseline tariff that he has imposed on all countries.

Lutnick said the U.S. has agreed to lower its 25 percent tariff on imports of British cars to just 10 percent. He also indicated Rolls Royce engines and plane parts will be imported tariff-free, while Britain is set to buy $10 billion of Boeing airplanes. Meanwhile, tariffs on British steel exports will drop from 25 percent to zero.

“This is a really fantastic historic day in which we can announce this deal between our two great countries,” Starmer said on speakerphone during a call with Trump.

“This is going to boost trade between and across our countries, it’s going to not only protect jobs but create jobs, opening market access,” he said.

Both leaders noted the U.S. and U.K. had been working for years to reach a trade deal.

"With this president and this prime minister, we've managed to achieve what many people have tried to achieve for many years" Starmer said.

Britain was the United States’ eleventh largest trading partner in the first quarter of this year.

In 2024, the United States sent $80 billion of machinery, airplanes, natural gas, crude oil and other products to Britain. In return, the U.S. bought $68 billion of cars, pharmaceuticals and other goods.

In announcing the deal in a post on social media earlier on Thursday, Trump said the agreement was “full and comprehensive” and would "cement the relationship between the United States and the United Kingdom for many years to come."

"Many other deals, which are in serious stages of negotiation, to follow!" he said.

The president said from the Oval Office on Thursday that his administration is “very close” to reaching deals with several other countries.

He said his administration intends to make a deal with the European Union when asked by a reporter.

“And they very much want to make a deal,” Trump added. “We’ll be dealing with them. We are dealing with them currently.”