The hope is that a U.K. deal will provide a template for further arrangements that can bring overall tariffs down to minimal levels.

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

If the US president moderates his tariff war against China, or if value networks find ways of “ China-washing ” exports to the US via third countries, the same can happen in reverse. Only if Trump is determined to keep ratcheting up protection to stop imports will trade and the economy fail to recover.

Ever since President Trump announced he was slapping hefty tariffs on countries across the globe, he has been predicting they would force trading partners to sign major deals beneficial to the United States.