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Investing.com - There is a "good chance" the U.S. and U.K. will forge a trade agreement because of President Donald Trump’s affinity for Britain, according to U.S. Vice President JD Vance.
Speaking to British news and opinion website UnHerd, Vance suggested that the two countries will come to a "great agreement" that is in their mutual best interest.
""The President really loves the United Kingdom (TADAWUL:4280)," Vance said. "He loved the Queen. He admires and loves the King. It is a very important relationship. And he’s a businessman and has a number of important business relationships in [Britain]."
A largely balanced trading stance with the U.S. has allowed Britain to avoid some of the Trump administration’s most punishing tariffs, which were announced earlier this month but later postponed for 90 days in the wake of deep ructions in stock and bond markets. Late on Friday, the White House also temporarily halted tariffs on a range of electionics like smartphones and computers.
Trump has also reportedly floated potentially granting exemptions to car-related tariffs already in place.
However, the U.K. still faces baseline 10% levies on goods sent to the U.S., as well as a 25% duty on steel, aluminum, and cars.
Officials from Prime Minister Keir Starmer’s government have been working to reach a deal over the tariffs with the U.S., Reuters has reported, adding that an agreement could focus on cooperation around artificial intelligence, technology, and possibly food and other goods. Starmer has previously warned that Trump administration’s tariff policy will lead to an "economic impact" in both the U.K. and globally.
In March, Starmer and Trump held negotiations around a U.S.-U.K. economic prosperity deal that Downing Street described as "productive." Trump, for his part, has indicated that he is opening to securing trade agreements with individual countries.
(Reuters contributed reporting.)