Trump Pens Epic Trade Deal With UK
On Thursday, May 8, President Trump was proud to announce the first of what will likely be many epic trade deals for the US, this one between our closest ally, the United Kingdom.
“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” Trump wrote on TRUTH Social on Thursday. “Because of our long-time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!
“This should be a very big and exciting day for the United States of America and the United Kingdom,” Trump added. “The Golden Age of America is coming!”
On Wednesday, prior to the deal, the President announced from the Oval Office that a “big deal” was forthcoming, but he did not specify with whom the agreement was at the time.
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Trump wrote.
Trump said that the “deal” includes billions of dollars of increased market access for American exports, especially in agriculture, by increasing access to US beef, ethanol, and other farming products. The specifics are still being finalized. He also said the UK will reduce nontariff barriers that discriminate against US products and that the UK will fast-track American goods through customs processes.
“The final details are being written up in the coming weeks,” Trump said, adding that the deal is “very conclusive” and “so good for both countries.”
“This is now turning out, I think, really to be a great deal for both countries, because it will be really great for the UK also. So, they’re opening up the country; their country is a little closed, and we appreciate that,” Trump also said.
The news of a U.S.-U.K. trade deal comes as US and Chinese officials prepare to hold talks in Switzerland on Saturday, which could mark the first step in resolving a potentially damaging trade war between the world’s top two economies.
Bill, methinks you have premature excitation on this; there are few specifics on the deal which I think must pass a straight up n down Congressional vote which should be a no-brainer unless a handful of Republicans become traitorous. But there are few specifics so saying it’s epic is like a repeat of the NAFTA facelift was EPIC until four years later when the same EPIC sucked dog dicks in hell causing the biggest tariff in US/Canadian history. Just because Trump says so does not make it so; he lies a lot you know. Matter of fact, he’s an EPIC liar, on and off the record.
The deal retains the misnamed US reciprocal tariff of 10% meaning US citizens are still taxed 10% for each and every UK good purchased. Is that EPIC for you? IMO, this signals that Trump will probably tax us 10% for every foreign good we have, forever. At least that’s what he is doing in your so-called EPIC deal. My contention is that this is his plan all along; to raise taxes based on what essentially is a consumption tax. And golly jeepers, look how magarats like yourself call a 10% price increase via tax/tariff an EPIC good deal. I surmise that Trump will further fool you by leveraging the new consumption tax against a EPIC income tax cut making you believe you’re getting an EPIC deal while the bottom line for total tax burden to the General Fund where both tariff and income taxes are deposited remains close. Funny thing though, both the tax cuts and the tariff/consumption tax favor the rich. Do the math —- the closer to poverty, the higher percentage you of your pay goes to consumption, and therefore, you pay a higher percentage of earnings to consumption tax. We consume more of our paycheck; the rich can invest more of theirs. And the tax cuts always go to the rich as Trump structures them. At least, so far.
Wiggle room: tariffs on UK steel and aluminum, which they pronounce funny, are gone. These tariffs were initially between 8-30% imposed by Bush in 2002. Then 25% on steel and 10% on aluminum, effective in 2018. Now, under Trump, they are ZERO. EPIC.
Another hook. On the beef and agriculture, the regulations to sell in UK are lower as part of this EPIC deal, but the UK standards are not changed and that means no hormones. So, if American producers do not meet standards, they no sell beef, and Trump has to eat it. That’s his EPIC deal. Most US beef has hormones precluding UK sales.
All in all, this is a good deal for the US, given the Trump tariffs, but also a bad deal given the remaining Trump 10% Reciprocal Tariff. It is not a good deal for US consumers since we are paying a 10% tariff at the end of the day. We, the consumer, were better off before Trump’s hypocrisy of free markets and free trade. The question is: in the end, Highlander, what will Trump do with the 10% tariff/consumption tax he is hitting us with, without representation? Congress, are you listening? Do you remember why we brought fourth this nation, under God, with liberty and justice for all? Is this justice?