BREAKING UPDATE: Trump announces UK trade deal for millions in US exports

In the Oval Office, Trump announced details of the deal that he teased earlier in the day. “The deal includes millions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol and virtually all of the products produced by our great farmers,” Trump said.

“In addition, the UK will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products. But this is now turning out, I think, really to be a great deal for both countries, because it will be really great for the UK also,” Trump added.

Trump posted on Truth Social earlier in the day, "The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come. Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!"

He added in another post, "This should be a very big and exciting day for the United States of America and the United Kingdom. Press Conference at The Oval Office, 10A.M. Thank you!"

The trade deal with the United Kingdom will be the first to be announced from the White House since Trump launched a number of reciprocal tariffs on various nations internationally on what he called "liberation day" in April. The move sparked volatility in the markets, with many global leaders looking to make deals with the United States.

Later in April, the Trump administration announced a 90-day pause on most tariffs, aside from those imposed on China, some in a few specific industries, as well as a widespread 10 percent tariff on most goods imported to the US.

The move caused uncertainty in the markets, which Treasury Secretary Scott Bessent said was a result of the President creating "strategic uncertainty" in the negotiations with various countries to work out better trade deals. Bessent made the comment in a press conference on April 29, then added, “I think the aperture of uncertainty will be narrowing and, as we start moving forward announcing deals, then there will be certainty. But certainty is not necessarily a good thing in negotiating."

The UK has been subject to the 10 percent tariffs as well as a 25 percent tariff on products in the auto industry, however, reporting from the Telegraph has said that British cars and steel will not be seeing the full force of the 25 percent tariff imposed by the US as part of the trade deal. In return, the UK will has offered concessions on a tax that has been imposed on US tech companies.