Trump to Unveil US-UK Trade Deal Key Elements Amid Tariff Deadline

President Donald Trump is poised to reveal key elements of the US-UK trade agreement in the near future. This announcement follows a series of statements and negotiations that have been ongoing between the two countries. The agreement, referred to as the U.S.-UK Economic Prosperity Deal (EPD), focuses on critical sectors such as automotive, agriculture, and renewable energy, aiming to establish a more balanced and mutually beneficial trade relationship.

The EPD includes commitments to eliminate the UK’s 20% retaliatory tariff on U.S. beef and offers duty-free quotas for U.S. beef and ethanol. However, it is important to note that this agreement is not legally binding. The announcement of key parts of the agreement comes as the 90-day pause on Trump's broadest, "reciprocal" tariffs is set to expire. This pause, which was implemented to allow for negotiations, has been a point of contention and uncertainty for many trading partners.

Trump has indicated that he is open to extending the deadline for countries negotiating with the U.S., but he believes it won't be necessary. The president has also stated that he will send letters to trading partners in the next one to two weeks setting unilateral tariff rates ahead of a July 9 deadline. This move is seen as a way to steer ongoing trade talks rather than an ultimatum, although some have framed it as such.

The negotiations have been slow, with only one agreement reached so far with the United Kingdom. The challenge, according to Senator Chuck Grassley, is that the Trump administration is trying to negotiate with too many countries at one time. Grassley advised that the administration should focus on reaching agreements with one or two countries and announcing them to bring some certainty to the trade negotiations.

The protracted trade and tariff discussions have raised concerns about their impact on the U.S. economy. Businesses have been holding off on making decisions due to the uncertainty surrounding the trade talks. If the tariffs go up on July 9, it could slow down the economy, according to Grassley.

Grassley has also expressed concerns about Congress's authority over tariffs. He co-sponsored a bill with Washington Democratic Sen. Maria Cantwell that would require presidents to justify new tariffs and secure congressional approval within 60 days; otherwise, the tariffs would expire. The "Trade Review Act of 2025" aims to restore Congress's authority and responsibility over tariffs as outlined in Article I, Section 8.

The announcement of key parts of the US-UK trade agreement is a significant step forward in the trade negotiations between the two nations. It remains to be seen how this will impact the broader trade talks and the U.S. economy. However, it is clear that the Trump administration is committed to reaching agreements that benefit American industries and consumers.