President Trump announced a trade agreement with the U.K. on Thursday, the first country-specific deal since the April 2 “Liberation Day” import taxes that raised the overall U.S. tariff rate to the highest level in more than a century.

The U.K. deal is meant to be the first of many for Trump, and comes as Treasury Secretary Scott Bessent heads to Switzerland for high-stakes trade talks with China. Top trading partners the U.S. and China have imposed triple-digit tariffs on each other as rapidly diminishing trade volumes and potentially higher prices loom on the horizon.

Here’s a look at what’s in — and not in — the U.S.-U.K. trade deal, and what it means for Trump’s reset of global trade relations.

Trump boosts British car industry with looser auto, dropped steel tariffs

The U.K. is allowed to export 100,000 cars to the U.S. at a 10-percent tariff rate, as opposed to the 25-percent rate announced on March 26, marking a win for the British car industry.

The U.S. will also re-designate the auto tariffs for the U.K away from Section 232 tariffs, which are a national security tariff.

The British auto industry responded positively to news of the deal.

“The agreement announced today to reduce tariffs on UK car exports into the US is great news for the industry and consumers,” Mike Hawes, chief executive of British industry group SMMT, said in a statement.

He described the tariffs as “a severe and immediate threat to UK automotive exporters” and said the Thursday deal would provide “much needed relief.”

The deal also creates a new “trading union” for........

© The Hill