The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

Trump said this would boost U.S. exports of beef, ethanol and other goods — though details on food standards still need to be worked out. The 10% U.S. tariff on imports of most British goods remains.