The market is waiting for the announcement of a UK-US trade deal at 10 am ET but the details so far leaving the market disappointed. The UK FTSE 100 has fallen into negative territory after earlier trading higher.
A report from CNN indicated this is a vague ‘deal’ that leaves on the 10% US tariffs on broader goods and focuses on steel and autos.
The FTSE has been sliding since the report hit 30 minutes ago and is now into negative territory.
This is also out from Robert Peston from ITV:
today’s agreement between the UK and US is principally about cuts to Trump’s 25% tariff on £10bn of UK car exports to US and £3bn of steel and aluminium exports. I assume it will come down to Trump’s baseline global 10% tariff. A wider more ambitious UK/US trade agreement is still months years away. For these initial tariff reductions, Starmer is NOT cutting or scrapping the Digital Services Tax, which raises £800m per annum from the likes of Amazon, Meta and Google – but that tax is likely to be in play during the next round of negotiations
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