Donald Trump to make ‘major trade deal’ announcement with a BIG country, says ‘the first of many’

US President Donald Trump announced that he plans to discuss ‘a major trade deal with representatives of a big and respected country’ and will hold a news conference regarding it on Thursday.

The news conference in the Oval Office is scheduled for 10 a.m. Washington time, Trump said in a Truth Social post, though didn’t elaborate on which country he was referencing, nor the scope or details of any potential agreement.

Trump added the action will be “THE FIRST OF MANY!!!”

US is likely to announce a trade deal with the United Kingdom, Reuters reported citing the New York Times report.

"I don’t know if it’s going to be the UK first or India first, it’s — we’ve got a little twist in the in this India story, so that might slow things down there, but I can assure the American people that there will be deals, and they will be very good deals for the American people,” CNN quoted Trump’s top trade adviser Peter Navarro as saying.

According to a Financial Times report, a UK trade deal could be finalised this week and could exempt the United States from some non-tariff trade barriers, comprising the UK’s 2% digital services tax. On the other side, the United States may relax the tariff burden on the UK, perhaps lowering or exempting the country from 25% tariffs on aluminum, autos and steel.

Trump's sweeping tariffs on its trading partners

Trump’s tariff was aimed to pressure trade partners into negotiations, seeking more favourable terms for the US and a reduced trade deficit. The plan included a firm timeline. Tariffs were put in effect on April 7 but suspended two days later, opening a 90-day window for talks that would close on July 8.

He has been claiming for weeks that countries were lining up to strike trade agreements with the United States. If agreements weren’t reached by then, tariffs of up to 50 percent could be reinstated on numerous countries.

"I’m telling you, these countries are calling us up, kissing my a**,. They are dying to make a deal. ‘Please, please, sir, make a deal. I’ll do anything. I’ll do anything, sir!’" Trump had said ahead of the tariff implementation.

According to Bloomberg, Trump has come under political pressure to discover an off-ramp from his plan to raise US tariffs to their highest level in a century, as polls indicate Americans souring on his economic stewardship. S&P 500 futures increased as much as 0.5% after Trump’s post.

There have been no discussions since Trump imposed a whopping 145 per cent tariff on Chinese imports, effectively halting dialogue with the country that remains America’s biggest trading partner.