Commerce Secretary Howard Lutnick previously suggested tariffs with other countries could be above 10%, even after a deal is reached.

Final details are under wraps but Trump promised the deal provides billions of dollars in access for U.S. agricultural products like beef and ethanol.

The White House claimed the deal presented a “$5bn opportunity” for US farmers to export to the UK, but contained detail in only two areas: a 13,000 tonne tariff-free reciprocal beef quota, and a UK promise to remove its existing 19 per cent levy on 1.4bn litres of US ethanol.