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US President Donald Trump just announced the first trade deal between the US and the United Kingdom since he imposed higher tariffs on imports in April that shook global markets.
In a post on the social media platform Truth Social, Trump says the deal will raise $6 billion in external revenue from 10% tariffs.
The president says the agreement will also open $5 billion in export opportunities for U.S. farmers, ranchers, and producers and bolster national security for both the US and the U.K. by creating an aluminum and steel trading zone and a pharmaceutical supply chain.
“Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic Trade Deal since Liberation Day.”
The price of Bitcoin (BTC) jumped after the announcement. The flagship cryptocurrency is now trading for $102,644.00, up by 5.86% over the past 24 hours.
The broader digital asset market also responded positively to the news. According to data from the market aggregator CoinGecko, the global cryptocurrency market cap is now $3.32 trillion, up by 5.54% in the last 24 hours and 35.16% from one year ago.
