Reuters reported that the US and UK are expected to announce a trade deal on May 8, in which the two sides agree to reduce tariffs on some items - the first step since the Trump administration imposed high tariffs on goods imported from many countries.
The news was confirmed after Trump posted on the social network Truth Social that he would hold a press conference at the Department of Labor at 10:00 a.m. US time (ie 9:00 p.m. Vietnam time) on May 8 to announce a big trade deal with a worthy country.
British Prime Minister Keir Starmer's spokesman said he would make an official announcement on the progress of trade negotiations with the US on May 8. Two sources close to the UK government revealed that the two sides had reached a preliminary agreement on the main content of the deal.
The UK side affirmed that the US is an inexorable partner in economy and security, and said that negotiations are being accelerated.
The deal would include a US reduction in tariffs or a 25% easing of quotas for steel and auto products from the UK, which are subject to US tariffs, according to sources. In return, the UK may reduce tariffs on US cars and adjust digital service tariffs - which have affected major US technology companies.
However, the UK remains determined not to lower food safety standards to allow US agricultural products - an issue that has stunted trade talks between the two sides in the past.
It is not yet clear whether the "basic" tax of 10% applied by the US to many countries, including the UK, will be lifted.
Although the deal is viewed as relatively narrow in scope, it is seen as having great political significance for both Washington and London.
For the US, this could be the first signal that the government is looking to ease global trade tensions. For the UK, the deal is part of efforts to re-establish trade relations with key partners after it left the European Union (EU).
Earlier in the week, the UK also reached a new trade deal with India, showing the UK government's trend of expanding multilateral trade cooperation at the current stage.
This weekend, US and Chinese officials will also meet in Switzerland, in an effort to cool down tensions between the world's two largest economies.
Donald Trump's top officials have held several meetings with trade partners since the president imposed a common 10% tax rate on April 2, along with higher counterpart tariffs for many partners, although those tariffs were later postponed for 90 days.
He is not among the countries subject to additional countervailing tariffs, as the country imports more from the US than exports there.
