The U.S. and United Kingdom have signed a trade deal, the first such agreement since President Donald Trump announced sweeping tariffs on trading partners earlier this year. The deal is set to lower tariffs on steel and automobiles and make it easier for the U.

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."

President Donald Trump has agreed to cut tariffs on British autos, steel and aluminum in a planned trade deal.