Trump says U.S. has struck ‘comprehensive’ deal with UK ahead of press conference

The American flag is displayed on Whitehall with the statue of Lord Nelson atop his column in Trafalgar Square, London, England, on June 3, 2019.

The United States is on the verge of finalizing a trade agreement with the United Kingdom, marking it as the first country to do so following the implementation of reciprocal tariffs by the world’s largest economy in April. The White House is scheduled to hold a press conference on Thursday at 10:00 a.m. ET (3 p.m. London time) in the Oval Office.

President Donald Trump announced on Truth Social that the deal with the UK is a comprehensive one that will strengthen the relationship between the two nations. The New York Times initially reported the impending U.K.-U.S. announcement for Thursday.

The UK’s Department for Business and Trade confirmed ongoing negotiations for an economic deal with the U.S., emphasizing the importance of the alliance between the two countries. Despite the U.S. imposing tariffs, discussions are progressing steadily to benefit businesses and consumers in the UK.

Vice President JD Vance expressed optimism about the prospect of a trade agreement with the UK, highlighting the mutual benefits it could bring. However, Trump’s recent comments suggesting that the U.S. does not necessarily need to sign trade deals with partners have caused some confusion, as the administration had previously prioritized such agreements.

Contributions to this story were made by CNBC’s Jenni Reid, Holly Ellyatt, and Erin Doherty.