US Secretary of Commerce Howard Lutnick is the next up to speak and begins by saying how "huge" the UK market is.

He says the deal has opened up new market access including ethanol, beef and "virtually all products" from US farmers.

"That will add $5bn of opportunity to American exporters," Lutnick says.

"And we still have a 10% tariff on which will produce $6 billion of revenue for the United States."

Tom Bateman
US State Department correspondent, reporting from Oval Office

Trump has been reading from large print in a plastic folder on the Resolute Desk.

Peter Mandelson stands directly behind him and is looking over his shoulder, often appearing to read through the text at the same time.

He didn’t seem to flinch when the president described the UK as a "little bit closed" economically.

Image source, Reuters

Trump says this deal has been years in the making and congratulates Starmer on being the prime minister that made it happen.

Starmer agrees on the phone, saying "with this president and this prime minister we've managed to achieve what many people have tried to achieve for many years".

As Trump hangs up the phone he thanks Starmer and says he might see the PM soon.

Starmer is speaking now about the industries this deal will impact, including steel and car manufacturers.

"In the end it comes down to economic security is national security," Starmer says on the phone.

He also speaks about how close the two countries are, now he says we're adding trade to the list of things the US and the UK have a close relationship on.

Starmer says the deal will boost trade across both countries and will boost jobs on both sides of the Atlantic.

Starmer mentions today being VE Day, saying the timing of the deal "could not be more apt".

"On the day, the UK and the US stood together as the closest of allies," he says. Starmer then mentions it was around this time of day that then UK Prime Minister Winston Churchill announced victory in Europe.

Much-needed 'win' on tariffs for Trumppublished at 16:01 British Summer Time 8 May

16:01 BST 8 May

Bernd Debusmann Jr
Reporting from the White House

For Donald Trump, this is a much-needed "win" on tariffs - and he so far sounds triumphant.

The deal, he says, is "so good for both countries".

Vitally, he took care to frame this as beneficial for American companies and businesses who will have greater access in trade.

"Some people say it's our greatest ally," Trump said of the UK. "But I don't want to insult anyone."

As expected, Trump is also teasing further deals to come.

The White House has long framed the list of countries who they say wish to negotiate - now more than 80 - as a sign of success.

What we don't have yet, however, are firm details about the contours of today's deal.

Image source, Getty Images

Steel is a big factor in this deal that will make both countries stronger, Trump says.

He then introduces UK Prime Minister Keir Starmer, who has been phoned in to the Oval Office.

Starmer calls the announcement of the deal a "fantastic, historic day", in his first remarks.

Starmer says it's "a real tribute to the history that we have of working so closely together".

He then praises Trump's negotiating team, who he says have done an "incredible job".

Image source, JIM WATSON/AFP via Getty Images)

Trump says the final details of the deal will be written up in the coming weeks, but adds that the actual deal is a "conclusive one".

American chemicals and machinery have been added to the deal, the US president adds.

He then says that the deal will bring the UK into economic security alignment with the US, which he describes as a "big economic security blanket".

Trump says the US-UK trade deal affirms the "reciprocity and fairness" that he believes is essential to international trade.

The deal will involve billions of dollars of American exports including American beef, ethanol, and other agricultural products, Trump says.

"They'll also be fast tracking American goods through their customs process, so our exports go to a very, very quick form of approval, and there won't be any red tape," Trump says.

Image source, Reuters

Trump says he is thrilled to announce a breakthrough trade deal with one of the US's "most cherished allies".

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.

Timeline for a UK deal started back in Trump's first termpublished at 14:58 British Summer Time 8 May

14:58 BST 8 May

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 Media

The 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.