The ongoing trade war between the US and other countries has taken a positive turn with President Donald Trump announcing a historic trade deal between the US and the UK. Trump’s administration has agreed to lower tariffs on certain UK imports as part of the deal. Meanwhile, the BTC price has reclaimed the psychological $100,000 level for the first time since February.
Donald Trump Announces Historic US-UK Trade Deal
In a news conference at the Oval Office, the US President announced they had reached a breakthrough deal with the UK. He mentioned that the UK would reduce non-tariff barriers. Meanwhile, the US will also cut tariffs on UK-made cars to 10%, while beef tariffs will be close to zero.
Prime Minister Keir Starmer also commented on the deal, sharing his delight that both countries could finally reach an agreement. Donald Trump noted that they have been trying to reach a deal for years, which makes it historic. The president revealed that the UK trade deal will raise $6 billion in US external revenue.
Commenting on the deal, Commerce Secretary Howard Lutnick revealed that the UK will open its markets for US goods, which is huge considering that the UK is the sixth-largest economy in the world. Meanwhile, the Commerce Secretary mentioned that the UK will announce plans to buy $10 billion worth of Boeing planes.
As CoinGape reported, this US-UK trade deal undoubtedly provides a bullish outlook for the crypto market. It seems to have contributed to today’s market rally, with the BTC price hitting $100,000 for the first time since February.
Donald Trump revealed that they are looking to make a deal with Europe. He also commented on the negotiations with China, stating that he believes they would have good talks and possibly reach an agreement. The president added that they may lower tariffs if the talks go well. US-China trade war talks are set to begin on May 10.
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