Commerce Secretary Howard Lutnick previously suggested tariffs with other countries could be above 10%, even after a deal is reached.

The U.S. and United Kingdom have signed a trade deal, the first such agreement since President Donald Trump announced sweeping tariffs on trading partners earlier this year. The deal is set to lower tariffs on steel and automobiles and make it easier for the U.

The White House claimed the deal presented a “$5bn opportunity” for US farmers to export to the UK, but contained detail in only two areas: a 13,000 tonne tariff-free reciprocal beef quota, and a UK promise to remove its existing 19 per cent levy on 1.4bn litres of US ethanol.