New Delhi, May 8 -- US President Donald Trump announced on Thursday (May 8) that his administration has reached a trade agreement with the United Kingdom-the first such deal since his sweeping tariffs were imposed on US trading partners. Speaking from the Oval Office, Trump called the deal a "maxed-out" agreement that will boost American exports and benefit both nations.

Under the deal, the UK will reduce non-tariff barriers on a range of US goods, including beef, ethanol fuel, machinery, and chemicals. However, the 10% baseline tariff the Trump administration has applied broadly remains in place, while tariffs on British vehicles entering the US will drop from 25% to 10%.

Commerce Secretary Howard Lutnick highlighted the economic gains...