President Trump today touted the conclusion of the first trade agreement since Liberation Day on April 2 when prohibitive tariffs were levied on virtually every nation in the world.
Trump said the deal “opens up a tremendous market for us” and added that the agreement was actually years in the making, but it took his team to wrap up negotiations.
Overall, tariffs on incoming British goods will remain at 10 percent, but there is an exemption for 100,000 British vehicles to evade the 25 percent global automotive tariff. Instead, British cars such as Jaguar, Rolls Royce nnd Bentley will face only a 10 percent tariff up to 100,000 total imported vehicles.
From what was said, it appears that the biggest advantage to the U.S. comes in agricultural exports to Great Britain, which had previously been limited or blocked.
The president also reannounced that Treasury Secretary Scott Bessent will meet Saturday in Switzerland with a Chinese Vice Premier to begin trade talks.
In probably more significant news of the day, an American was elected Pope of the Catholic Church for the first time. Cardinal Robert Francis Prevost was elected by the Vatican conclave on the second day of voting. He now becomes Pope Leo XIV.