Final details are under wraps but Trump promised the deal provides billions of dollars in access for U.S. agricultural products like beef and ethanol.

Trump imposed "reciprocal" tariffs on nearly all other countries, but quickly paused them to allow time to negotiate trade agreements with the United States.

Economic analyst Peter Schiff wrote on X: "Investors are excited about Trump's trade deal with the U.K., our first victory in the trade war. The effective tariff rate on U.S. goods entering the U.K. is 0.5 percent. So, from the American perspective, what we stand to win from the deal is relief from Trump's tariffs on U.K. imports."