"The deal, it turned out, was somewhat less than advertised"
"On Thursday, the press pool was summoned at 10:48 A.M. for what Trump had billed as a “very big and exciting” announcement of a new trade deal between the U.S. and the U.K. …
“The deal, it turned out, was somewhat less than advertised—an agreement in principle, after years of talks, and with many details to be finalised. …
“Still, it was something, and Trump, with all the zeal of a used-car salesman, plumped for the agreement, though he admitted it wasn’t quite done yet. “In the coming weeks, we’ll have it all very conclusive,” he vowed. ….
“There are many words that come from Trump’s mouth, and few that he will not renounce when they are no longer convenient.“
"Trump's "big" trade deal is with the UK:- It's a framework not a deal - They're our 11th largest trading partner - They're only 3% of US trade (97% to go) - They *already* charge average tariffs of only 1% (limited upside) "It's a photo op, with little macroeconomic significance. ...
"Overwhelmingly the most important news here -- in terms of macroeconomic impacts -- is that the US is retaining 10 percent tariffs on nearly everything. Do the numbers and it's obvious that any industry-specific tweaks are second order."
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