UK: Starmer Delivers Presser After US Trade Deal Announced

May-08 15:29

PM Sir Keir Starmer posts on X  "Today I've secured a deal with the US that boosts British businesses and saves thousands of British jobs. I promised to protect British car makers and save our steel. This deal delivers on that promise. And British workers, families, and firms will feel the benefit." Starmer is holiding a press conference shortly on the deal. 

  • The deal (see 'TARIFFS: Trump And Starmer Tout "Breakthrough" US-UK Trade Deal', 1609BST), will - according to a UK gov't statement: US tariffs on autos cut from 27.5% to 10%, steel and aluminum tariffs reduced to zero, 'unprecedented market access' to the US for UK farmers 'with protections on food standards maintained; the Digital Services Tax remains unchanged; the two sides agree to work on a Digital Trade deal 'that will strip back paperwork for UK firms trying to export to the US'; remove tariff on ethanol coming into the UK from US to zero; reciprocal market access on beef with UK farmers given tariff-free quota for 13k metric tonnes.
  • Speaking to employees at Jaguar Land Rover, Starmer criticises those who argue negotiations with Trump wouldn't work, Starmer says "We don't storm off, we stay in the room and we negotiate, we work for our country. Jobs saved, jobs won - not job done, because we're more ambitious for what the US and UK can do together."
  • Truth Social post from President Trump outlines bare bones of the deal, but highlights tariffs will still be 10% after the deal, much higher than the UK had dealt with prior to 'Liberation Day'. 

Historical bullets

MNI EXCLUSIVE: Eichengreen On USD's Weakening Reserve-Currency Status

Apr-08 15:22

MNI speaks with economist and former IMF senior policy adviser Barry Eichengreen, who argues Trump tariffs will weaken the dollar's reserve-currency status.-- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

OPTIONS: Expiries for Apr09 NY cut 1000ET (Source DTCC)

Apr-08 15:18
  • EUR/USD: $1.0880(E1.2bln), $1.0900-05(E1.4bln), $1.0950(E551mln)
  • USD/JPY: Y147.00($716mln), Y147.40-50($1.2bln)
  • EUR/JPY: Y162.75-90(E719mln)
  • AUD/USD: $0.5975(A$650mln)
  • USD/CAD: C$1.4100($571mln)

LOOK AHEAD: Adding Chicago Fed Goolsbee to Today's Calendar

Apr-08 15:12
  • Adding Chicago Fed President Austan Goolsbee to today schedule, Goolsbee will be interviewed on Illinois Public Media "The 21st Show" at 1206ET.