US-UK Trade Deal Expected Today As Trump Teases ‘Major’ Agreement

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On today's podcast:

(1) President Donald Trump is expected to announce a trade agreement with the United Kingdom at a news conference Thursday morning in Washington, according to people familiar with the matter.

(2) Details of An agreement are not immediately clear, but it is likely to be a framework deal that will serve as a starting point for further negotiations. The UK and US have been in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said.

(3) Chancellor of the Exchequer Rachel Reeves is on track to miss both her fiscal rules by tens of billions of pounds in the UK’s autumn budget, according to a prominent economic think tank, leaving her no option but to raise taxes or cut spending.

(4) The Bank of England is expected to cut interest rates by a quarter percentage point Thursday and may signal that another move is likely in June, potentially putting the central bank on course for its first back-to-back reductions since 2009 as the US trade war darkens the outlook for growth.

(5) Federal Reserve Chair Jerome Powell said officials are not in a hurry to adjust interest rates, adding tariffs could lead to higher inflation and unemployment.
“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment,” Powell said Wednesday at the conclusion of a two-day meeting in Washington.

(6) The Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments, according to people familiar with the matter.

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