The U.K. and the U.S. have reached a preliminary trade agreement, marking the U.K. as the first country to secure such a deal post-Brexit. While U.S. markets reacted positively, with the S&P 500, Dow Jones, and Nasdaq all showing gains, the U.K.’s FTSE 100 closed lower. The deal includes concessions like reduced tariffs on U.K. vehicle exports but maintains a 10% tariff on most U.K. imports to the U.S. Analysts suggest the agreement may favor the U.S., given its existing trade surplus with the U.K. Andy Abbott of Atlantic Container Line noted that the deal largely leaves U.K. imports unaffected. Despite the agreement, the 10% tariff imposed by President Trump in April remains unchanged.
— new from CNBC
