The trade pact between the U.S. and the U.K. was announced by President Donald Trump and UK Prime Minister Sir Keir Starmer, who appeared to be on first name terms

Although the White House called the trade deal a 'milestone,' U.S. officials also described it as merely the 'end of the beginning' of talks involving the trade relationship with Britain.

President Trump imposed "reciprocal" tariffs on nearly all other countries, but quickly paused them to allow time to negotiate trade agreements with the U.S.