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."

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

President Donald Trump on Thursday announced a new trade pact with the United Kingdom, the first of dozens of agreements he is seeking with countries around the world. Joined by Peter Mandelson, the newly installed British ambassador in Washington,