FT News Briefing The US-UK trade deal
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May 9, 2025 A pivotal trade deal between the US and UK has been forged, aiming to tackle tariffs and boost economic relations. The Bank of England has also slashed interest rates, raising questions about the economy's direction. In a surprising twist, a previously dismissed FTC commissioner discusses political pressures affecting regulatory independence. Meanwhile, the election of the first American pope adds an unexpected highlight to the mix. Trade negotiations and new regulations for big tech are key points of focus, illustrating the intricate dance of politics and economics.
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Key Gains of US-UK Trade Deal
- The US-UK trade deal lowers US car tariffs benefiting UK exports and aims to negotiate better terms on steel and aluminum later.
- The UK allows improved access for US beef and ethanol but keeps its digital services tax, a sticking point for the US.
Redefining Trade Deal Speed
- Quick trade deal speed reflects Trump's approach of limited agreements, not traditional comprehensive agreements.
- Trump needs rapid deals due to many suspended tariffs and simultaneous negotiations with numerous countries.
US-UK Deal vs. China Talks
- The US-UK deal signals seriousness in trade talks but doesn't necessarily build momentum for a complex US-China trade deal.
- The US-China discussions likely mark the start of a long and difficult negotiation process.