British ambassador to the United States Peter Mandelson is in the Oval Office with Trump.

"You said to the prime minister... that you would do a good trade deal with the United Kingdom, that you would do it at pace, and that we would be first - and you have delivered that," Mandelson says.

Watch the moment below:

In the UK, Leader of the Opposition, Kemi Badenoch, has said that the country has "just been shafted!"

In a post on X, leader of the Conservative Party wrote: "When Labour negotiates, Britain loses.

"We cut our tariffs - America tripled theirs. Keir Starmer called this ‘historic.’ It’s not historic, we’ve just been shafted!"

A reporter asks Trump what the 11th hour item was that closed the deal with the UK.

Trump says there were previously a lot of trade barriers and the deal overall just worked out from America's standpoint.

Mandelson jumps in to say the deal means the UK will continue to reduce tariffs and barriers.

He adds that this is a continuous picture and compares it to a movie, noting that both countries are committed to freeing up trade between one another.

Mandelson says that virtually everyone said the deal would end in tears, but his experience has been the opposite.

He says he received a diplomatic calls that edged things over the line from Warren Stephens, the new US ambassador to the UK.

Brandon Drenon
Reporting from Washington DC

Image source, Getty Images

Trump is revelling in the moment of this - as he's described it - historic trade agreement with the UK, answering reporters questions with relaxed shoulders and an occasional grin.

Answering one question, Trump says he's unlikely to offer another foreign car manufacturer the same trade deal as Rolls Royce.

"Unless somebody shows me that there's another kind of a car that's comparable to a Rolls Royce," Trump says

"There's a good commercial for Rolls Royce," he says with a smile.

British Ambassador to the US Peter Mandelson quickly chimes in: "I wonder whether you'd like to buy (one)?"

"I would be happy to suggest a discount, obviously very modest discount," Mandelson says to a room filled with laughter.

Trump is asked what Britain has to do to get rid of the 10% baseline tariff.

He says the baseline is "based on a lot of things" - including "past things". "It's pretty inclusive," he says, without going into details.

He adds that the UK has "always treated us with great respect."

Natalie Sherman
New York business reporter

Image source, Reuters

This announcement is supposed to be about trade with the UK.

But Trump has spent a lot of time talking about China.

It’s a reminder of the elephant in the room: the abrupt breakdown in trade between the US and one of its biggest trade partners.

Concerns about that trade relationship - not the UK - are top of mind in the US.

But if the UK’s announcement, which left the 10% levy Trump announced last month in place, is any preview of what we might expect, it’s a reminder that some level of tariffs are here to stay.

The questions have turned to Russia and Ukraine.

If Russia weren't involved, Trump says the circumstances would be different.

Trump says some 5,000 soldiers a week are being killed, and says it's "terrible".

He says his envoy Steve Witkoff is still working on a deal with Russia and Ukraine.

Trump adds that his administration is also working on a deal with Iran, but doesn't offer any specifics.

Erin Delmore
BBC World business correspondent, reporting from New York

The major US indexes began the trading day in the green, buoyed by news of the US-UK trade announcement and by Treasury Secretary Scott Bessent’s upcoming trip to Switzerland to meet with Chinese officials.

Stocks moved higher on President Donald Trump’s and Prime Minister Keir Starmer’s joint news conference.

The major US indexes are up from market opening this morning, with the S&P 500 up 0.86%, the Dow up 0.95% and the NASDAQ up 1.22%.

We don’t have the definitive text around what’s been agreed upon in the deal, or very many details, or any signatures inked to paper at this point.

President Trump said that "the final details are being written up" and we’ll see something "very conclusive" in the coming weeks.

But talk about ongoing talks was enough to keep markets in the green Thursday morning.

Stocks had suffered a more volatile day on Wednesday, when the US central bank concluded a two-day meeting.

While keeping interest rates steady, it warned that risks of higher inflation and slower growth had risen.

Trump says his treasury secretary and commerce secretary are splitting up countries that they are each responsible for negotiating with.

Trump says he hopes the negotiations will continue and the ongoing conversations will make it easier to come to agreements.

Though he notes some countries will still have to pay a 25% tariff.

Dialling into the Oval Office from the UK, Prime Minister Keir Starmer says to President Donald Trump that the deal is a "real tribute to the history [the two countries] have of working together.

See what the prime minister had to say in the video below.

We have some more details of the US-UK deal, via the UK government:

• US tariffs on UK automotives are immediately "slashed from 27.5%", with steel and aluminium reduced to zero
• Car export tariffs will reduce from 27.5% to 10% - this will apply to a quota of 100,000 UK cars, almost the total the UK exported last year
• "In a win for both nations, we have agreed new reciprocal market access on beef - with UK farmers given a tariff free quota for 13,000 metric tonnes"

Brooke Rollins, the US agriculture secretary, addresses comments from reporters about the UK's decision to take on more American beef.

She says "it can't be understated" how big the deal is for American cattle farmers.

"This is going to exponentially increase our beef exports. And to be very clear, American beef is the safest, the best quality, and the crown jewel of American agriculture for the world," Rollins says.

The UK and EU have, for years, limited American beef imports due to added growth hormones.

Looking ahead, Rollins says "all of the meats, all of the produce" are being considered for agricultural export.

The BBC's US State Department correspondent Tom Bateman asks President Trump about the UK accepting American meat.

"Are you calling on the the UK to accept all American beef and chicken," he asks, noting that the UK limits imports on US beef.

"They’ll take what they want," Trump says, adding that they have "every type of classification you could have".

He says that Robert F Kennedy Jr, the US health secretary – is probably heading to a system more similar to the UK’s “with no chemicals. No this, no that".

Trump says the US is a very big country, "we have a lot of beef".

Image source, Reuters

How close are you to more deals, one reporter asks the US president.

Trump says as soon as the press conference is over his leadership team will go back to the negotiating table.

Trump tells reporters that Scott Bessent, his treasury secretary, is going to Switzerland to negotiate with China this weekend.

Trump says he is very close to further trader deals with other countries, and claims China wants to make a deal.

Trump takes his first question from a journalist in the Oval Office who asks: "Why Britain?"

"It opens up a tremendous market for us," Trump says.

"I was surprised to see how big your country is," he continues, calling the deal "very conclusive".

"It's a very big deal right now, but I think it's going to grow just of its own volition."

Wrapping up now, Mandelson looks to the future and says there is "yet more we can do" in terms of the two nations working together.

He says the trade deal is a "springboard" to creating valuable technology partnerships between the US and UK.

He adds the deal will also help "harness science and tech in order to create future industries and future jobs," as a joint endeavour.

We're now hearing from British Ambassador to the US Peter Mandelson.

He says if international trade is being rebalanced in a way that serves all our interests, "we're better doing that together than separately".

He praised Trump for doing what he said he would do, recalling the president telling Starmer on their last visit that he would make a good trade deal with the UK and that they would be first.

"You have delivered that," he said, thanking Trump.

We're still listening to Trump and his team speaking from the Oval Office, but Trump (or perhaps his communications team) have also posted on Truth Social while this was going on.

"Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal — Something our past Presidents never cared about," Trump posted on Truth Social.

He said the deal will offer export opportunities for "our Great Ranchers, Farmers, and Producers".

"This Deal shows that if you respect America, and bring serious proposals to the table, America is OPEN FOR BUSINESS. Many more to come — STAY TUNED" he wrote.

Tom Bateman
US State Department correspondent, reporting from the Oval Office

Trump just looked around him, seeing who he might invite to speak next.

He turns to his left and grasps British Ambassador to the United States Peter Mandelson’s hand.

Mandelson, standing behind the sitting president, smiled at the president as they shook hands.

Lutnik continues, he's now speaking about automobile imports.

He says that it's been agreed that the UK will be able to send 100,000 cars into the US on the original 10% baseline tariff.

Rolls Royce engines and parts for aeroplanes can be exported from the UK to the US tariff free, he says.