The US and UK agree a trade deal to reduce import taxes on some British cars and metals - here's what is in the deal
Treasury minister Darren Jones calls the deal a "huge relief", adding that Trump's approach to global trade is "one of a number of moving parts"
London stock markets lift for some British manufacturers a day after the deal, as the steel industry calls for more clarity
As ever with deals like this, particularly where there is still quite a bit of work to be done, detail is key, writes our Political editor
UK-US trade deal will create jobs - Starmer
Image source, Getty ImagesJD Vance, the US Vice-President, stood quietly by Trump's side during the trade deal announcement in the Oval Office, and did not make any remarks, until moments ago on social media.
"Congrats to the president and the entire trade team on the deal with the UK," Vance wrote on X.
"A great win for American farmers and manufacturers!"
Simon Jack
Business editor
Most unions and business groups have provisionally welcomed a deal that will mean steel and aluminium tariffs are reduced to zero, and car tariffs are cut from 25% to 10% (up to a quota of 100,000 units).
That is below the number the 101,000 exported last year, and the 120,000 it was on course to export this year can be seen as setting a potential ceiling on exports.
The agricultural sector deal is more complex with barriers to US ethanol and beef products lowered.
It's clear that the US is more closed to UK products, and the UK more open than before Trump came into office.
And it remains to be seen whether the UK has gained any advantage from being first to agree new terms of trade with its largest single country export market.
We've now got the White House trade deal 'factsheet' in front of us, so let's have a look at some of the key elements of this agreement between the US and UK:
Becky Morton
Political reporter
Responding to the agreement in the House of Commons, Conservative Shadow Trade Secretary Andrew Griffith says it is "a Diet Coke deal, not the real thing".
"Any reduction in tariffs is welcome but British businesses are still facing higher tariffs now than they did in February," he tells MPs.
"This is not the deal we were promised, and the government still has much work to do."
Griffith also asks for reassurance for the film and TV industry, which Donald Trump has threatened with 100% tariffs.
In response, Trade Minister Douglas Alexander stresses the deal is "jobs saved, not job done",
He adds that the UK is continuing to negotiate on the film industry and there is more work to be done.
BBC's Tom Bateman asks Trump in the Oval Office about agricultural trade
Adrian Mardell, Chief Executive Officer of Jaguar Land Rover, told the BBC the company "warmly welcomes" the trade deal.
He said the deal "secures greater certainty for our sector and the communities it supports".
"We would like to thank the UK and US Governments for agreeing this deal at pace and look forward to continued engagement over the coming months,” Mardell said.
Becky Morton
Politics reporter
Trade Minister Douglas Alexander has been updating MPs on the deal in the House of Commons.
He says the UK’s approach has "brought us to the front of the queue", adding that no other country has been able to secure the same tariff exemptions.
However, Alexander stresses that the agreement is only a "first step".
In response to concerns the deal could lower food standards, he says imports of hormone-treated beef and chlorinated chicken will remain illegal.
He also confirms MPs will get a chance to scrutinise the deal, as well the legislation implementing it.
Anthony Zurcher
North America correspondent
In April 2016, President Barack Obama warned the UK that it would move to the "back of the queue" on trade agreements if it chose to exit the European Union.
Nine years later, the post-Brexit UK is the first out of the gate to sign a new trade deal with Donald Trump.
We still don’t know the precise details – what has been inked and what is left to be negotiated – but today’s Oval Office event reflects a higher level of affinity between the US and the UK under Trump.
It’s an economic relationship that was sometimes strained during the administrations of his Democratic predecessors.
The UK has given Trump an accomplishment that he can tout as the first step toward his envisioned reordering of global trade – perhaps easing the concerns of the US public and American businesses.
And as a side benefit for this president, he gets to stick it to Obama one more time.
Erin Delmore
BBC World business correspondent
It's official: The UK is first out of the gate with what both sides are hailing as major progress on trade.
Perhaps not surprising, given the UK's long-standing "special relationship" with the US - or the relatively balanced trade between the two countries - or the UK's comparatively low "reciprocal tariff" rate assigned by the Trump administration.
Where imports from China were assigned a combined rate in the triple digits, and goods from Vietnam and Cambodia initially tariffed above 45%, the UK's rate started at and remained at 10%.
"Many countries want to make a deal, and many countries are very unhappy we happened to choose this one, to be honest with you," President Trump said.
Now, the jockeying begins over which country is next to announce a deal.
Administration officials have indicated that India, Japan, South Korea, and Israel are among the frontrunners.
PM says he took Trump call on trade deal during Arsenal game
We'll be hearing more about the trade deal in a statement in the House of Commons shortly - stick with us and we will bring you the latest on this.
Trump and Starmer have both concluded their briefings, and US markets are only continuing to go up.
All major US indexes are growing by more than 1%.
The S&P 500 is up 1.34%, the Dow is up 1.32% and the NASDAQ up 1.78%.
Harry Farley
Political correspondent
Image source, EPA-EFE/REX/ShutterstockUK farmers gridlock London's Whitehall with their tractors during February's protests
The politics around farming has been a particularly sensitive issue for the UK government, with tractor protests clogging up Whitehall in recent months.
One of the big demands the US wanted from a deal was access to the UK market for American farmers.
But British farmers are worried this would undercut them if products produced to lower standards are allowed to be imported.
US Secretary of Agriculture Brooke Rollins said at the Oval Office press conference that this deal "is going to exponentially increase our beef exports".
The deal includes a tariff free quota of 13,000 metric tonnes of beef. So US farmers will have access to the UK, and UK farmers will have access to the US.
But the UK government insists there is no reduction in food standards in the deal. So hormone treated beef or chlorinated chicken will not be allowed.
The reaction of UK farmers will be one government ministers and advisers are watching closely.
More now from Sir Keir Starmer on this trade deal with the US.
"I genuinely believe that we can have a good relationship and agreement with the US and a good relationship and a good agreement with the EU," he said during a press conference after the trade deal was announced.
He said the deal showed the importance of "not doing politics as performance but doing politics as the serious art of negotiation".
On 19 May, the prime minister will host a UK-EU summit, in the hope of securing smoother trading arrangements.
We have some more political reactions now, with Reform UK Leader Nigel Farage saying the US-UK trade deal is a "step in the right direction".
Speaking to the BBC, Farage says there was more detail to come, but it is a welcome development.
“We're at the front of the queue with America, not the back of the queue," he says.
Farage adds that "we're heading in the right direction".
"On the face of it on cars, America are slight winners on this deal. However tariffs are equalised. The important point is that we are doing stuff, we are making a move."
Farage says its a "benefit of Brexit we were able to do this".
"The fine details of this deal will come out in time but this is a big step in the right direction on VE Day.”
Alex Forsyth
Political correspondent
Keir Starmer clearly sees this as a moment in which his diplomatic approach to Donald Trump has paid off.
The Prime Minister took flak from some quarters for not taking a tougher stance when it came to the US President, with some critics asking what he’d achieved by it.
Today he clearly felt vindicated, as he pointed to this deal as proof that it’s better to "stay in the room" and "fight for your country’s interests" rather "storm off".
The substance of the deal is yet to be fully analysed, but there’s no doubt Downing Street sees this as a huge diplomatic win.
Image source, PA MediaFollowing his phone call into the Oval Office, and while US President Donald Trump took questions on the deal from reporters, Keir Starmer was talking at the Jaguar Land Rover plant in the West Midlands.
"This deal means US tariffs will be cut from 27.5% down to 10% for 100,000 vehicles every year," he tells staff. "That's a huge and important reduction."
The PM also went on to say that the deal with the US will give "unprecedented market access for British farmers" to the US "without compromising our high standards".
More now from Keir Starmer, who says "tariff cuts will come into place as soon as possible".
He says today's announcement is "just the start" and that the UK are "hammering out further details" to reduce barriers to trade with the US, across the board.
Image source, PA MediaDonald Trump has just finished speaking, so let's check in on things back across the pond.
We've just had a reaction from the Liberal Democrat leader to Sir Keir Starmer's press conference, which came after the US-UK trade deal was announced.
Ed Davey says that with any trade deal - and especially one with "someone as unreliable as Donald Trump" – the devil will be in the detail.
"One thing is clear, Trump’s trade tariffs are still hitting key British industries, threatening the livelihoods of people across the UK," he says.
He urges the Government to publish the "full details of the deal" and to give MPs a vote.
"It would show complete disrespect to the public if this deal was waved through without giving Parliament a say," he says.
He says his party have "grave concerns" British farmers will be undercut, and raises children's safety online and tax breaks for US tech barons.
"These are compounded by Trump’s history of breaking his word and ripping up trade deals on a whim," he adds.