Global Trade Deals and Negotiations Update

President Donald Trump is set to announce a "major trade deal" with the United Kingdom on Thursday, according to a source familiar with the administration's plans. The deal is expected to provide some relief from historically high tariffs imposed by the US, potentially exempting the UK from some non-tariff trade barriers and easing tariffs on aluminum, steel, and autos. However, experts say that actual trade deals take significant time to negotiate and that the announcement is likely to be a memorandum of understanding rather than a comprehensive trade agreement. The US is in negotiations with over a dozen countries, but none have been announced so far, and it's unclear if the administration can complete deals with all countries before a 90-day tariff pause expires. The announcement comes as the US is also set to hold trade talks with China, although Trump said he would not lower tariffs on China in advance of discussions.

The UK and India have agreed a trade deal after three years of talks, expected to boost bilateral trade by £25.5bn a year by 2040. The deal will cut taxes on India's clothing and footwear exports and make it easier for UK firms to export whisky, cars, and other products to India. Tariffs on UK gin and whisky will be halved to 75%, while tariffs on more expensive UK-made cars will fall to 10% subject to a quota. The agreement also includes provisions on services and procurement, and a three-year exemption from social security payments for some Indian and British workers. The deal is seen as a significant step for the UK's post-Brexit trade ambitions and a win for free trade, with India's growing economy making it a desirable trading partner.

The UK is reportedly set to sign a trade deal with the US, with the New York Times citing a forthcoming briefing on the agreement announced by US President Donald Trump. It remains uncertain whether the deal will be finalized or a framework for further negotiation. The UK has been in ongoing talks with the US, and a UK government spokesperson confirmed that discussions are continuing, but declined to comment on details or timelines, aiming to ease pressure on UK businesses and consumers.

President Trump is expected to announce a trade agreement with Britain on Thursday, according to a report. The deal would be the first one the Trump administration has struck with a foreign nation since Trump announced plans to impose sweeping tariffs on US trading partners last month. Details of the agreement were not immediately available, but Trump teased a "major trade deal" with a "big and highly respected" country on Truth Social, suggesting it was a significant development. The US and Britain have been subject to a 10% baseline tariff, and the UK is also subject to a 25% import fee on steel, aluminum, and automobiles.

President Trump is expected to announce a trade agreement with Britain on Thursday, according to people familiar with the plans. The deal would be the first since Mr. Trump imposed tariffs on dozens of America's trading partners, but details are not yet clear. Discussions have centered on lowering British tariffs on U.S. cars and farm goods, as well as removing taxes on U.S. technology companies. Experts believe the announcement may be an agreement to start negotiations rather than a finalized deal. The Trump administration has been trying to secure quick trade deals with other countries, and Britain has been seeking a trade agreement with the U.S. since Brexit.

China's Vice-Premier He Lifeng expressed confidence in the country's economy ahead of crucial trade talks with US officials, stating that China's economy is "off to a good start" and welcoming foreign investment. He is set to lead the Chinese delegation in trade negotiations with US Treasury Secretary and Trade Representative in Switzerland, the first official talks since US President Donald Trump's return to office, with the goal of de-escalating the ongoing trade war.

China has passed a new law supporting its private economy, which officials say will help drive growth as the country navigates an ongoing trade war with the US. The law clarifies the legal status of the private economy and government support for it, addressing issues such as fair market competition and financial support. Officials claim the legislation will "unleash" the potential of the non-state sector, which is becoming increasingly crucial for China's economic momentum.

Chinese President Xi Jinping arrived in Moscow for a state visit to strengthen ties with Russian President Vladimir Putin amid growing trade pressures from the US and skepticism from European allies, with Xi expressing confidence that the trip would deepen bilateral cooperation and hailing the "historic ties and true friendship" between the two nations.