Donald Trump announces a 'major trade deal' with the UK

Insider

Donald Trump announced a trade deal with the UK to open its markets and benefit both countries, as well as his hopes to make progress with China.

Transcript

00:00This morning, I'm thrilled to announce that we have reached a breakthrough trade deal with

00:04the United Kingdom, a credible country. Today is a victory day for World War II. We won the war

00:12together exactly 80 years ago. Today's agreement with the UK is the first in a series of agreements

00:19on trade that my administration has been negotiating over the past four weeks. The deal

00:24includes billions of dollars of increased market access for American exports, especially in

00:30agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the

00:38products produced by our great farmers. In addition, the UK will reduce or eliminate numerous

00:44non-tariff barriers that unfairly discriminated against American products. But this is now

00:50turning out, I think, really to be a great deal for both countries. We'll also receive new market

00:55access for American chemicals, machinery, and many other industrial products that weren't allowed.

01:01And they'll end up getting products that they'll be able to price. And if they like them better and

01:06we make great products, they'll be buying those products. But they were not available in the UK.

01:11Both countries have agreed that the economic security is national secured and we'll be working

01:16together as allies to ensure that we have a strong industrial base, appropriate export controls and

01:21protections for key technologies and industries like steel. Steel is a big factor. Both countries

01:27will become stronger with steel and things necessary for military. You know, we used to build ships and

01:33other things literally at a level that nobody's ever seen. And we haven't, we've eased up and I would say

01:40that the UK certainly eased up. But now we're going to be uneasing both and we work together. It's been

01:45an honour doing business with all of them and in particular, the Prime Minister. And I'd like to

01:50introduce him now to say a few words. Mr. Prime Minister, please take it away.

01:57Thank you, Mr. President Donald. And this is a really fantastic historic day in which we can announce

02:05this deal between our two great countries. And I think it's a real tribute to the history that we

02:13have of working so closely together. This is going to boost trade between and across our countries. It's

02:20going to not only protect jobs, but create jobs, opening market access. And as you say, Donald, the timing

02:28couldn't be more apt because not only was it 80 years ago today that victory came for Europe after

02:41and at the end of the Second World War. But of course, on that day, the UK and the US stood together

02:47as the closest of allies. I don't know if the media knows, but the US and UK have been working for years

02:54to try and make a deal. And it never quite got there. It did with this Prime Minister. So

03:00it's just been a deal that was, we thought, very complicated. It became very simple. It's opening up

03:06the country that we really didn't have the kind of access to that I would have thought. I was

03:10surprised. I think it's why the deal never got done before. It was, you know, they've been working

03:14on this deal for 25 years. And we got it done and we got it done. Really, it's going to be great.

03:19So the UK is the sixth largest economy in the world and the fourth largest that we export to,

03:28right? So it's a huge market, a top 10 market. We've opened up new market access, ethanol, beef,

03:36machinery, all the agricultural products. They've agreed to open their markets and that will add

03:42five billion dollars of opportunity to American exporters. So the question is, why would they do

03:50that now? Because they've never done it before. And we still have a 10% tariff on, which will

03:55produce six billion dollars of revenue for the United States. So the idea was, how do they keep

04:01their jobs, protect their economy and do the best for their people while opening the market for us?

04:07So you've got, we did a deal with them in automobiles. And you know, if you're not building

04:12here, we charge you a 25% tariff, but the president, and by the way, I want to make this clear while

04:18Jameson and I worked hard, this was the president's deal. And people think, oh, that's not the way it

04:23works. If you got to sit next to him, I have the best deal maker to my left. And if you don't think

04:29that we take advantage of him calling the prime minister and getting that deal done,

04:33you don't understand who's the president of the United States. Their steel business has been

04:38destroyed like everybody else has been destroyed by people dumping steel into their markets. And

04:44British steel had announced it was closing down. So the British government as part of this deal

04:48nationalized British steel, and they're going to match the kinds of models we do. They'll put tariffs

04:55on, they'll put quotas on. They want to do it with America so they can be part of the resurgence of

05:02steel and aluminum in America. And that saves them again, 1000s and 1000s of jobs. So if you go

05:08step by step, aero and commercial planes, they sell Rolls Royce engines to Boeing, we've agreed

05:16to let Rolls Royce engines and those kind of plane parts to come over tariff free. And what you're

05:23going to hear today is there's going to be an announcement that the UK that they are buying

05:2710 billion dollars worth of Boeing planes later today, but I'm going to let the name of the

05:34airline announce it because that's theirs to do. But part of this deal was always to do it together

05:40and to do it strong. And you can see the numbers on this board. Everything about this board works

05:45exceptionally well for the United States of America. It lays out the plan that you can work with us in

05:51autos. You can work with us with aero and commercial. You can work with us in pharmaceuticals if you have

05:57a supply chain that is secure and protected in national security. How close are you to more deals

06:02and when do you expect the next to be announced? Well, very close. We have numerous deals. I know

06:07Howard's going back. As soon as this is finished, your press conference, he's got numerous. And Scott,

06:12who's right over here, who's fantastic, by the way, you were great on television this morning. I

06:17watch, you know, gave them a little lesson in the world and economics. But Scott's going to be going

06:23to Switzerland meeting with China. And, you know, they very much want to make a deal. We can all play

06:32games who made the first call, who didn't make it. It doesn't matter. It only matters what happens in

06:36that room. But I will tell you that China very much wants to make a deal. We'll see how that

06:42works out. If the talks go well this weekend between Secretary Bessett and Ambassador Greer

06:46with their Chinese counterparts, not preemptively, but if the talks go well, would you then consider

06:51lowering the tariff rate on China? Well, it could be. I mean, we're going to see. Right now,

06:56you can't get any higher. It's at 145. So we know it's coming down. I would like to see China opened.

07:02You know, one of the big things here is, and nobody would know this, but the UK was largely closed. It was

07:07very much closed to trade. And now it's opened. And a lot of the financial reporters are very happy

07:13about that because so much I'd listen to them. I hope they get countries opened up and then you

07:20compete in a fair basis. But you can't compete when you're not allowed to go there. China would

07:25be the number one example of that. You know, it's very closed. We almost had it last time before COVID

07:30and that didn't work out. How concerned are you about the UK's reliance on China?

07:37Chinese money in the money markets, Chinese exports. We're not concerned.

07:41Is that something you know, honestly, I'm not concerned about anything.

07:45If I was, I wouldn't even be here right now. If I was concerned about anything and it wouldn't be that,

07:51but I wouldn't be here right now. No, we're not concerned. We're going to have,

07:54I believe, a very good relationship with China and a fair relationship. And it'll get bigger and it'll grow.

07:59It'll grow. As an example, if they open up the country, that'll be the best thing China ever

08:04did for itself. They don't know that yet because, you know, it's been a different system. But that'll

08:10be the greatest thing that ever happened to China. The people will be happier. They'll buy for less.

08:15They'll see things that they never sold before and they'll be buying them.

08:19And it'll really create great long-term peace. Thank you very much, everybody.

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