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UPDATE: President Trump gives some details of trade agreement.
$6 BILLION in new tariff revenue
US tariffs on imports from UK raised to 10%
UK tariffs on imports from US lowered to 1.8%
$5 BILLION in new exports from the U.S.
Trump's breakthrough trade deal with the United Kingdom... the media and Democrats said this was impossible...
- UK will reduce numerous non-tariff barriers "that unfairly discriminated against American products"
- "Billions" for increased market access for America exports, especially agriculture, beef, ethanol, "virtually all of the products produced by our great farmers"
- New market access for American machinery, chemicals
- Bring the UK into the economic security alignment with the US
- Ensure strong industrial base, protections for steel - Affirming reciprocity and fairness
The 'special relationship' may continue in spite of political differences as the Trump administration is announcing today a comprehensive trade deal with the United Kingdom in a 10am EST Oval Office press conference.
The Trump Team has taken a lot of criticism in the legacy business media and Wall Street circles of his tariff policy, which many have declared will bring recession and misery.
The exact opposite is happening as financial markets have recovered all their losses since 'Liberation Day' and are moving higher this morning.
Inflation has fallen, despited the avoidance of reality by the Chairman of the Federal Reserve Jerome Powell yesterday, when the FOMC refused to cut interest rates. Trump has called for lower borrowing costs and has ridiculed Powell.
