The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

President Donald Trump has dismissed critics who have asked how many deals he has brokered after he paused some tariffs last month to allow for negotiations.

President Donald Trump on Thursday announced a trade deal with the United Kingdom -- the first in what the White House said it hopes will be a flurry of agreements while the reciprocal tariff pause is in effect.