The Trump administration, which has seen markets panic at its tariff announcements, was eager to sell the announcement as significant, describing it as a "breakthrough". In the UK, Sir Keir Starmer, who also has incentive to want to be seen as a solid negotiator, called it "historic", while noting there was more work to be done. Steelmakers and car firms in the UK did express relief, saying the tariff rollback would help save jobs.
But it was hardly missed on anyone that despite progress, goods from the UK are still facing higher tariffs than they were a few weeks ago. In the US, most analysts agreed that substantive benefits would be limited, despite the two sides discussing trade on and off for nearly a decade. Mr Veuger noted that Trump in his first term was similarly willing to declare victory on deals with China, Mexico and Canada that experts likewise said would have narrow impact.
"I think for Trump the goal really is to have a deal and it doesn't really matter what it looks like in the substance, " he said. "It tells me it's not that hard to get to a deal but it also tells me there's not that much room to make changes." Thursday's announcements drew an unusually sharp rebuke from American carmakers, which noted that the plans made UK-made cars less expensive to import than many of the models made by their companies, which have operations in Mexico and Canada.
Other analysts pounced on the irony of the president dismissing concerns that tariffs are driving up prices for dolls while he agrees to lower taxes on imported cars for the ultra-wealthy like Rolls-Royces and Bentleys, which are UK companies. The National Cattlemen's Beef Association said it welcomed the deal but other groups representing farmers, a key part of Trump's political base, were notably muted. The American Farm Bureau Federation called it an "important first step", while noting "more work is needed".
"This is a good deal for American farmers … but it is at the end of the day a fairly narrowly-focused framework," said Lewis Lukens, former acting US Ambassador to the UK and deputy chief of mission to the US embassy in London during part of Trump's first term. "It gives Trump a political victory with not too much really to show behind it." Republicans, traditionally a free-trade party, were quick to celebrate the achievement.
Rep Adrian Smith, a Republican from Nebraska, who chairs a subcommittee on trade, told the BBC he was "pleased" over the initial trade pact. "This is a significant step toward eliminating barriers to American products in foreign markets and friendshoring supply chains," he said, commending the administration for the swift negotiations, though noting he was happy to see details of the deal were still being negotiated "to address additional concerns". In a note to clients after the press conference, Paul Ashworth, chief North America economist at Capital Economics, said the announcement indicated "rising desperation" in the White House to ease its tariffs before they caused significant economic damage.
