The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

The United States and the United Kingdom will announce a new trade deal Thursday morning in response to President Donald Trump's tariffs.

The president said he’s reached a “conclusive” and “comprehensive” trade deal with the U.K. Reality suggests otherwise.