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The "general terms" agreement is the first of dozens of tariff-lowering deals that Trump expects to land in coming weeks after upending the global trading system with steep new import taxes aimed at shrinking a $1.2 trillion U.S. goods trade deficit.
U.S. President Donald Trump shakes hands with U.S. Ambassador to the United Kingdom Warren Stephens after announcing a trade deal with the U.K., in the Oval Office at the White House in Washington, D.C., U.S., May 8, 2025.
Credit: REUTERS/Leah Millis
