Donald Trump removes the 25% tariff on UK steel and aluminium, and immediately cuts the rate on most car exports from 27.5% to 10%
The lower car rate applies to the first 100,000 vehicles exported from the UK to the US each year - 101,000 were exported last year
In return, the UK government says it's removing the tariff on ethanol for US goods, and agrees "reciprocal market access on beef"
UK PM Keir Starmer called it a "fantastic, historic" day, as he joined the Oval Office news conference via phone
For Trump, this is a much-needed "win" on tariffs - and he sounds triumphant, our reporter in the White House says
The 10% tariff, announced on Trump's "Liberation Day" last month, still applies to most other UK goods entering the US
Conservative leader Kemi Badenoch says the UK has been "shafted"
UK-US trade deal will create jobs - Starmer
President Trump is speaking in the Oval Office.
UK Prime Minister Keir Starmer is on the phone from the UK.
Stay with us as we bring you all the key lines from the announcement.
You can watch the announcement live at the top of this page.
Tom Bateman
US State Department correspondent, reporting from the Oval Office
We’ve just been hustled into the Oval Office where I’m among a small pool of reporters from British media outlets, alongside the US press crews.
There’s a huge amount of interest on this from American side, especially after Trump’s heavy trailing on social media.
He wants the pictures of countries he says have been lining up to do deals with him, particularly after the stock market turmoil and negative economic growth in the US triggered by his tariffs announcements.
This is about him trying to make his argument that the tariffs plan will bring big benefits for US trade and exports and untimely help drive manufacturing back the US. An equally significant moment for the UK.
Peter Mandelson is in the room with the president due to speak.
The devil will be in the detail of the text itself.
We're about to hear from US President Donald Trump about a US-UK trade deal.
We'll be bringing you video from inside the Oval Office, which you will be able to follow by pressing Watch live at the top of this page.
Stay with us and we'll bring you all the key lines.
Chris Mason
Political editor
Hello from what we hope is the right factory in the right town to hear from the prime minister.
Downing Street managed to send us to the wrong factory in the wrong town. Whoops.
We’ll hear from the PM shortly, assuming he turns up in the right place, once we’ve heard from President Trump.
Tom Bateman
US State Department correspondent, reporting from the Oval Office
I’m told Trump and Starmer spoke last night to finalise the details around the announcement.
The final process is said to have been underway for weeks with drafts of the text exchanged and redrafted between the two sides, including Downing Street officials visiting Washington to get to this point.
Tom Bateman
US State Department correspondent, reporting from the White House
The UK for years has been attempting to negotiate a trade deal with the US, first during the first Trump administration and then during the presidency of Joe Biden. It was unsuccessful during that period.
It's significant to note that this will not be the "full and comprehensive" trade deal that Donald Trump is touting, but something that is much more akin to a statement of intent to negotiate further.
Remember the context here - Since Trump announced a wave of global tariffs there has been turmoil on the stock market.
We've seen a quarter of negative economic growth in the US, which has caused Trump significant damage in terms of media coverage, and concerns among Americans.
So he has been very keen to show that, in his words, countries are queuing up to the do trade deals with him.
We were expecting US President Donald Trump's news conference to start at 10:00 local time (15:00 BST), but we're hearing it will now likely be closer to 10:30 ET.
Stay with us and we’ll bring you all the updates as soon as the news conference begins.
And a reminder you can click watch live at the top of this page to follow along.
Natalie Sherman
New York business reporter
The UK appears on track to have the distinction of being the first country to reach a pact with the US since Trump announced his "Liberation Day" tariffs.
In some ways, that’s not a surprise. In the US, members of both parties support the idea and the kind of vast differences in labour and environment standards that often complicate these kinds of deals are less present in this case.
The US and UK have been talking about a trade deal since Trump’s first term, and came close to signing a "mini" agreement then.
But it was never truly a priority in the US, where access for chicken and beef exports and changes to the drug pricing system were some of the key sticking points.
But the Trump administration, which is dealing with growing backlash against its trade policy, might now have more incentive to ease its demands, in hopes of scoring some political points – or at least buying breathing room - for negotiations.
That makes what we’ll learn about the substance of the deal all the more important.
We're expecting to hear from President Trump in about 15 minutes.
Further to that profile of the UK's ambassador to the US, Lord Mandelson, the BBC can confirm he will be in the Oval Office when the White House makes the US-UK trade announcement.
After the announcement, President Donald Trump and Prime Minister Keir Starmer are expected to speak via phone.
Starmer is then expected to speak in the UK and take questions from the media.
Faisal Islam
Economics editor
Image source, PA MediaThe UK's ambassador to the US, Lord Mandelson, has clearly been pivotal to doing this deal to mitigate the impact of tariffs. And, in the past month, has been dealt the ultimate Trump card in dealing with this unconventional administration.
The former cabinet minister, trade supremo, and master of the dark arts of political spin was seen prowling the corridors of power in DC during last month’s pivotal meetings of finance ministers.
He would privately reflect, not just on his knowledge of the UK government and American politics, but a long history running EU trade policy - including battles over a long-forgotten and never-delivered transatlantic trade deal.
He also knows the US Treasury Secretary Scott Bessent well, enough to refer to him by his first name.
It just so happens that, in the past month - since the bond markets reacted very badly to the original White House tariffs announcement - Bessent has been running the show, controlling negotiations, at the expense of the hard-line protectionist Pete Navarro.
US markets just opened - and stocks are up this morning.
The three major US indexes are all seeing modest gains as the market opens now. The S&P 500 is up 0.65%, the Dow is up 0.49%, and NASDAQ is up 0.27%.
Image source, PA MediaUK Chancellor Rachel Reeves says "there is an incredibly strong trade and investment link between the UK and the US", when asked to comment on a bilateral tariff deal expected to be announced shortly.
"A million Brits work for US firms, a million Americans work for British firms," she says.
Reeves insists that the expected deal with the US wouldn't damage any agreement currently being negotiated with the EU.
"We shouldn't choose between countries. The UK is an open trading economy. Open for trade, open for business, open for investment.
"We want to see trade barriers between the UK and countries around the world to fall because that is good for living standards, that's good for business and for jobs here in Britain," the chancellor says.
The US Secretary of Agriculture Brooke Rollins says the announcement is "big news today" and she will visit the UK in the coming days.
In a post on X, Rollins says: "I look forward to being in the UK Monday as we continue to expand markets for our products around the world!"
Bernd Debusmann Jr
Reporting from the White House
Image source, Bernd Debusmann Jr/BBC NewsGood morning from the White House, where a small trickle of reporters is starting to file in for today's announcement at the Oval Office.
As one might imagine, there's tremendous interest - both domestically and internationally - in the announcement of the first "deal" made by the administration as a result of their tariff campaign.
Already, I've seen reporters from as far afield as Andorra and Sweden doing lives and filing reports.
While this won't be a "trade deal" in the truest sense of the word, the tone of the announcement from Trump and the White House is likely to be a triumphant one.
The US President has repeatedly, and consistently, highlighted that over 80 countries want to come to agreements. Trump says this is a sign that his administration's push for tariffs will ultimately be successful and good for the US economy.
He is also likely to use the Oval Office occasion to celebrate US ties with the UK - a country he is known to have a particular fondness for.
The fact that the deal comes on VE Day - which he has recently declared as "Victory Day" in the US - is also music to the ears of the Trump White House.
Image source, EPAIt's approaching 09:00 in Washington and 14:00 in London. If you're just joining us, let's look at the major developments:
We'll bring you live updates of the announcements - with analysis from our correspondents in the UK and US - so stick with us.
The UK government has declined to comment on US President Donald Trump's claim earlier today that the deal expected to be announced would be "full and comprehensive".
The Prime Minister's official spokesman said: "We've always been clear that we want to do a deal that's in the British national interest, and support a substantial UK-US trading relationship.
"Those talks are continuing and we look forward to providing an update later today."
At the same time, Downing Street insisted that lowering food standards remained a "red line" for any US trade deal.
"We are not going to lower British food standards. That's something set out in the manifesto," the spokesman said.
Malcolm Prior
Rural affairs producer
Despite previous government assurances that imports of chlorinated chicken or hormone-treated beef will not be allowed into the UK, farmers will be watching today’s trade announcement closely – and nervously.
Those producing food here have long said they should not be made to compete with cheap imports that have been produced to lower standards of animal welfare, environmental protection or food safety.
And it’s not just chicken and beef they are worried about.
The National Pig Association has raised concerns over what it sees as a “significant gap” in terms of production methods that are acceptable in the US compared to the UK. That includes the use of sow stalls in the US, narrow crates that house sows throughout their pregnancy, that have been banned in the UK since 1999.
NPA chair Rob Mutimer said higher welfare standards in the UK means the cost of production here is “substantially more expensive” than that in the USA.
The call to protect those standards in a US trade deal is backed by campaigners, including Compassion in World Farming, which said if “a product is too cruel to produce here, it must also be too cruel to import”.
Meanwhile, NFU President Tom Bradshaw insisted any trade deal that opens UK markets to US produce should also ensure reciprocal access for UK farmers and growers there.
He says a deal that offers in return “nothing more than the reduction or removal of tariffs which didn’t exist eight weeks ago would be an unimaginable failure".
Here are the full quotes from Andrew Bailey's news conference, in which he discusses the UK-US trade deal, which is expected to cut some tariffs.
"We haven't been briefed, but we do have news to suggest that there will be an agreement and we welcome this news," he says.
"It will help to reduce uncertainty. The UK is, though, a very open economy and is affected by the tariffs affecting other economies.
"I say that because I hope the UK agreement, if it is the case this afternoon, is the first of many.
"It is excellent that the UK is leading the way and I do congratulate all those involved."
Image source, ReutersAndrew Bailey says it is "excellent that the UK is leading the way" with an expected trade deal with the US, which will "help to reduce uncertainty".
As a reminder, we're expecting the deal - which will cut tariffs on some goods - to be announced in Washington DC at 15:00 BST.
Image source, PA MediaFarming Secretary Steve Reed says the government will not allow British farmers to be undercut on environment standards
In Parliament, MPs have been questioning the government about the expected announcement of a US-UK trade deal.
Conservative MP Mark Pritchard asks about concerns over chlorinated chicken, hormone-fed beef and antibiotics in pig farming. He wants to know if the government can guarantee British farmers are protected in the trade deal.
Lucy Powell, leader of the House of Commons, says the business secretary is aware of the issues around food standards and agriculture, which have been “redlined” by the government.
Lib Dem MP Tim Farron asks if the prime minister has consulted Farming Secretary Steve Reed on the deal’s possible impact on British farmers.
Reed replies: “We have red lines for not allowing British farmers to be undercut on environmental or welfare standards.”
