United States President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a “breakthrough deal” on trade that leaves in place a 10 per cent tariff on goods imported from the UK, while Britain agreed to lower its tariffs to 1.8pc from 5.1pc and provide greater access to US goods.

The agreement announced by Trump from the Oval Office marked the first since Trump triggered a global trade war with a barrage of levies on trading partners following his return to the White House in January.

“It opens up a tremendous market for us,” Trump said.

“This is a really fantastic, historic day,” Starmer said by teleconference.

The United States has been under pressure from investors to strike deals to de-escalate its tariff war after Trump’s often chaotic policymaking upended global trade with friend and foe alike, threatening to stoke inflation and start a recession.

Top US officials have engaged in a flurry of meetings with trading partners since the president on April 2 imposed a 10pc tariff on most countries, along with higher rates for many trading........

© Dawn Business