What could be in the UK - US trade deal?

A press conference is expected to be held at 3pm on Thursday after the American president wrote on Truth Social that an agreement is close.

“Big news conference tomorrow morning at 10am,” Mr Trump wrote - with the time difference being mid afternoon in the UK.

“A major trade deal [will be announced] with a big, and highly respected country. The first of many.”

The president did not say the name of the major country but a New York Times report said that it would involve the UK.

Mr Trump added that the deal will be announced in the Oval Office and it came after another message where he said the US economy was “doing well” and “about to go boom”.

Sir Keir Starmer said on Thursday: “As you know, talks with the US have been ongoing and you’ll hear more from me about that later today.

“But make no mistake, I will always act in our national interest, for workers, businesses and families, to deliver security and renewal for our country.”

When will the US - UK trade deal be announced?

Mr Trump said it would be 10am from the Oval Office - which would be Eastern US Time, and 3pm in the UK. Sir Keir will not be in the capital for the announcement.

What is going to be in the US-UK trade deal?

Britain was not among the countries hit with high reciprocal tariffs during Trump's "liberation day" announcements that saw the 10 per cent flat rate slapped on countries across the world.

The president has now moved back from this position and has suspended the reciprocal tariffs for 90 days - but Britain is still subject to a 25 per cent rate on cars, steel and aluminum imports.

Mr Trump has also said that the US will subject a 100 per cent tariff to all foreign films - something that has been said will cripple the British industry.

It is thought that these items could be among those that are up for discussion as part of the trade talks between the two nations.

ITV’s political editor Robert Peston has suggested that the UK could in return reduce tax for mega US industries Google and Amazon as well as access to the UK for American farmers.

He said: “Politically in the UK for the prime minister I am not sure how it will play out. British voters don’t like Trump. They won’t want Starmer to have capitulated to him.”

It has not been confirmed if the Commons will get to vote on any deal - something that Liberal Democrat leader Ed Davey has been calling for.

Read also: It's a tricky compromise but Starmer's India trade deal is a post-Brexit win

Dr Alan Mendoz, of the Harvey Jackson Society think tank, said the “devil will be in the detail” for any trade agreement between the two.

He told LBC: “A UK-US trade deal is to be welcomed in principle - and the fact that we are first to announce one since “Liberation Day” is a vindication of the Government’s approach to President Trump - but the devil will be in the detail.

“A limited deal around the 25 per cent tariffs seems the likeliest outcome, with some significant UK concessions. So yes it’s a victory for free trade, but it’s also demonstrative of how Trump’s hardball tactics have moved the dial in the US’ favour.”

What other trade deals has Mr Trump signed?

This is expected to be the first deal signed since the president’s “Liberation Day” tariffs were announced on April 2 - which saw a 10 per cent rate imposed on countries across the globe.

Britain might be the first country to reach an agreement with the US but last week Mr Trump said he has "potential" trade deals lined up with South Korea, Japan and India.

An announcement on Thursday would come just two days after the UK revealed it had agreed a trade deal with India - an agreement which could be approved by the Commons this summer.