Trump's first trade agreement is not good for the rest of the world

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Ok, so! After a month of negotiations, we finally have a “full and comprehensive” trade agreement with our old friends throughout the pond.

Huge news! What relief, right? Pop the Champagner, the trade war album is almost over …

What is that? what is in itAre you asking What is the “deal” part of the deal?

Ok, so it's more of a concept of a deal. If a trade agreement like David is of Michelangelo, this is more of a marble block. Or really it is like a receipt of the marble man who says that we have placed an order for a marble block.

Maybe you put the champagne back into the fridge.

Here is what the United States and Great Britain announced on Thursday: President Donald Trump's team has the US tax on British imports from 10% to *Checks notes* 10%. Yes, it is exactly the same tariff course that Trump announced on April 2, but with some funny new carve-outs:

To be honest, there are no more details because both sides have found that details are still ironed out. It is not so surprising because trade agreements traditionally require months or even years of tedious conversations.

“A trade agreement in which the details are still negotiated is not an agreement,” said Joe Brusuelas, chief economist at RSM, on social media. “This does not provide the clarity that is necessary to raise the fog of uncertainty that was created by a trade war of election.”

To announce the White House on Thursday, however, think that you have just won a Nobel Prize and a gold medal. In a social contribution to the truth, Trump said that it was “a very big and exciting day”.

The British Prime Minister Keir Starrer called it “historically” with a blade, although he should be noted that he had joined the Oval Office event via loudspeakerphone because the Trump administration cobbled this entire spectacle together at the last minute. (The British ambassador to the USA even said that Trump starrer described in a “very typical intervention of the 11th hour”.)

For their part, the British said that even an incomplete deal is better than no deal.

Asked by reporters in England, whether this deal marks an improvement in the US UK relationship of six months ago before Trump took office, Starrer replied: “The question you should ask is: is it better than we were yesterday?”

This is a gentle British way to say: Look, we all do our little dances in the Trump show to avoid that the leader's wrath of the world's largest economy is seduced.

The Wall Street does not allow perfection to be the enemy of the good. Shares in the United States as an investor – hungry for a sign that Trump will give in after the trade war – accepted the optimism of the White House.

Let's just say that for kicks Is an actual framework for A real Trade agreement that will be eliminated in the next few weeks. It's better than nothing.

But it took more than a month to exclude this Titanic -Nnicht -Burger with one of our closest allies. An ally who, with all appropriate affection for our British brothers, only makes 3% of all US trade, Justin Wolfers, Professor of Economics at the University of Michigan, told CNN.

For the thousands of American companies, which are currently paralyzed by Trumps 145% tariffs for most imports from China, this is a good sign for the 11th hour of Shenanigans of the President and is America's third largest trading partner.

US and Chinese envoys will meet in Geneva this weekend. But American officials do not even suggest that a trade agreement will result in the best of the US Finance Minister Scott Bessent, he hoped that he was “de-escalation”.

Conclusion: The state of the global economy has changed since the “deal” of the US UK deal in relation to the state of the global economy. Today we still have an effective tariff rate of 22% – the highest in more than 100 years – compared to 2.5% before Trump took up his office.

“The most important fact of today's trade agreement is overwhelming that the 10% spend the night on the board of directors,” said Wolfers on Thursday on social media. “Tiny improvements here and there, this will not change with some trading partners. The United States is a high tariff country for the foreseeable future, and the trade war continues.”