Return to Transcripts main page

The Situation Room

U.S.-U.K. Trade Agreement. Aired 11-11:30a ET

Aired May 08, 2025 - 11:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[11:00:00]

KEIR STARMER, BRITISH PRIME MINISTER: And I'm really pleased. And it feels completely historic, and on a special 80-year anniversary as well.

So, Donald, thank you so much. It's really good to have got this deal over the line. Tribute to both teams, tribute to our countries, and tribute to your leadership.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Thank you.

Well, it really is a great thing. And you go do your press conference, and I will see you soon, maybe speak to you later. But thank you very much.

STARMER: Yes.

TRUMP: An incredible thing. I can't tell you that, for so many years, even as I sat, everybody talked and talked and talked about a deal with -- it just seemed like a natural deal, but it was not done, but now it was done with us. So, I feel very proud to have been a part of it.

Keir, thank you very much.

STARMER: Thanks, Donald. And we will speak again soon.

TRUMP: Very good. So long. Bye.

(APPLAUSE)

TRUMP: That was very nice.

Why don't I do this? Why don't I have our secretary of commerce, Howard Lutnick, give a little description of the deal pretty quick. And then the good side, the very nice side will be speaking about it also, maybe, from -- so you get a pretty equal -- I think it's a very -- it's just been a deal that was, we thought, very complicated.

It became very simple. It's opening up the country that we really didn't have the kind of access to that I would have thought. I was surprised. I think it's why the deal never got done before. It was -- they have been working on this deal for 25 years. And we got it done and we got it done. Really, it's going to be great for both countries. So, Howard, if you could go and then, somebody else, you may have --

you will picture whoever -- whoever you want. Who'd like to do it? I have a feeling you're going to do it, right?

(LAUGHTER)

TRUMP: So you guys go ahead, and then we will take questions right after that. But I think you will get a pretty good understanding of how big it is. It's a very large deal, a very big deal.

And, Howard, go ahead.

HOWARD LUTNICK, U.S. COMMERCE SECRETARY: So the U.K. is the sixth largest economy in the world and the fourth largest that we export to, right?

So it's a huge market, a top 10 market. If you remember liberation day, they were at 10 percent because we have balanced trade with the U.K., right? They say they have a surplus, but, of course, that counts gold bullion, which is -- so let's just call it balanced trade.

So how do you open up a market in balanced trade? People think it's impossible. They have always thought it was impossible until President Trump came on the scene and changed the way things work. So here's what we have got. We have opened up new market access, ethanol, beef, machinery, all the agricultural products.

They have agreed to open their markets, and that will add $5 billion of opportunity to American exporters. So the question is, why would they do that now, because they have never done it before? And we still have our 10 percent tariff on, which will produce $6 billion of revenue for the United States.

So the idea was, how did they keep their jobs, protect their economy, and do the best for their people while opening the market for us? And the way is they studied it. Their team was exceptional and they tried to figure out the markets that they're importing from other people and try to send them over to America.

So why were they always favoring others and not us? And what they have done is, they have found the ways to do that so that we have new access, right, but the U.K. workers are protected. And that was the balance. So you have got -- we did a deal with them in automobiles.

And you know, if you're not building here, we charge you a 25 percent tariff. But the president -- and, by the way, I want to make this clear. While Jamieson and I worked hard, this was the president's deal. And people think, oh, that's not the way it works. If you got to sit next to him, I have the best dealmaker to my left.

And if you don't think that we take advantage of him calling the prime minister and getting that deal done, you don't understand who's the president of the United States. So he's the closer. He gets deals done that we could never get done because he understands business, he understands deals, and that's why we're here today. So he agreed they could send 100,000 cars into America and only pay a

10 percent tariff. And that protects their car industry. And, remember, we do 16 million cars a year. So this is only like 0.6 percent. But for the U.K. auto people, this is tens of thousands of jobs that the president agreed that he would protect for them.

So he made that deal, right? Then steel and aluminum, right? Their steel business has been destroyed like everybody else has been destroyed by people dumping steel into their markets. And British Steel had announced it was closing down.

So the British government, as part of this deal, nationalized British Steel, and they're going to match the kinds of models we do. They will put tariffs on. They will put quotas on. They want to do it with America so they can be part of the resurgence of steel and aluminum in America.

[11:05:09]

And that saves them, again, thousands and thousands of jobs. So, if you go step by step, aero and commercial plans, they sell Rolls-Royce engines to Boeing. We have agreed to let Rolls-Royce engines and those kind of plane parts to come over tariff-free. And what you're going to hear today is, there's going to be an announcement at the U.K. that they are buying $10 billion worth of Boeing planes later today.

But I'm going to let the name of the airline announce it, because that's theirs to do it. But part of this deal was always to do it together and to do it strong. And you can see the numbers on this board. Everything about this board works exceptionally well for the United States of America.

It lays out the plan that you can work with us in autos, you can work with us with aero and commercial, you can work with us in pharmaceuticals if you have a supply chain that is secure and protected in national security. So we feel really good about the deal. You have heard the prime minister. He feels really good about the deal, right?

And we started at 10 percent and we ended at 10 percent. And the market for America is better. And this is a perfect example of why Donald Trump produced the liberation day. People don't understand. He gets things done in a matter of time. This would have taken Jamieson and I three years, maybe.

And, instead, we got it done in 45 days, certainly because we worked for Donald Trump. So, Jamieson, my partner in all this, maybe Jamieson, you would like to talk a little, and then we will turn it over to the U.K.

JAMIESON GREER, U.S. TRADE REPRESENTATIVE: Sure. Happy to do that.

Everyone has great remarks. I just have to echo the president and the prime minister when we talk about the V.E. Day. This is something we have been waiting for decades and there is no more appropriate day to do this. And when we step back and we look back a few weeks from now or months from now or years from now, we're going to look back at this day and better appreciate the significance, I think.

And I will just say as well, in terms of negotiating, I mean, the U.K. negotiators -- we have got one right here -- did an incredible job, right? This is why you have been in wars, right, when you act like this. And the ambassador, he knows more about trade than a lot of us here, based on his background.

And I would say on this deal, Mr. President, what we have shown is that it is time to change the way we do trade. People said we couldn't do a global tariff. We did a global tariff. They said no one would want to deal with us. People want to deal. They said no one would give offers. You saw that stack of offers I showed you yesterday of all those countries, said we wouldn't get deals.

And here we are with a deal with the sixth largest economy. We have agreed to have fair and reciprocal trade and we have done it in record time.

TRUMP: Thank you very much.

GREER: Yes, sir.

TRUMP: Great job.

GREER: Thank you, sir.

TRUMP: Mr. Ambassador, please.

PETER MANDELSON, BRITISH AMBASSADOR TO THE UNITED STATES: Well, Mr. President, thank you very much indeed in hosting us this morning. And thank you very much indeed also for that very typical 11th-hour intervention by you with your phone call to the president demanding even more out of this deal than any of us expected.

So thank you for that. The prime minister was delighted, obviously, to take that call late at night. But you took it to another level. And I think the point I would make is twofold. One is that if we're going to rebalance and rebuild international trade in a way that serves all our interests, then we're better doing that together than separately and apart.

And that's what we're on a mission to do. But, secondly, you have done what you said you would do. You said to the prime minister when he came and we visited in the Oval that you would do a good trade deal with the United Kingdom, that you would do it at pace, and that we would be first.

And you have delivered that. You have been true to your word. So, thank you very much indeed for that. For us, it's not the end. It's the sort of -- it's end just of the beginning. I mean, there is yet more we can do in reducing tariffs and trade barriers so as to open up our markets to each other even more than we're agreeing to do today.

But it also provides us with the platform, the springboard to do what I think will be even more valuable for both our countries in the future. And that's creating a technology partnership between the United States and the United Kingdom, so that we can harness science and technology in order to create future industries and future jobs.

And to do that together in the way we work so closely already in the national security and defense area, we can just take that to yet further areas of science, enterprise and endeavor. So, we are looking forward to doing that in the coming months.

[11:10:15]

You have launched us extremely well today. It just, in my view, as the prime minister has said, just shows what two countries who trust each other, who are confident in each other and are familiar with each other can do, not just for ourselves, but for those in the rest of the world who need to benefit from a bigger and better international trading system.

TRUMP: Thank you very much. That was beautifully stated. What a beautiful accent too.

(LAUGHTER)

TRUMP: I'd like to have that accent. Thank you very much.

MANDELSON: My mother would be proud.

(LAUGHTER)

TRUMP: Thank you very much. Any questions?

QUESTION: (OFF-MIKE) from Sky News.

TRUMP: Yes.

QUESTION: And can I ask, why Britain and why now? And you have described this deal as a full and comprehensive deal, and yet we're just out from Mr. Mandelson (OFF-MIKE) and of the beginning. Clearly, there's much more work still to do.

TRUMP: Yes.

QUESTION: With respect, are you overstating the reach and significance of this deal because you're a president who needs a result at a difficult time?

TRUMP: I think that it's a great deal for both parties. It's for us. We're opened up. I didn't know how closed -- it was quite closed, the market, as you know, the U.K., and it opens up a tremendous market for us, and it works out very well, very well.

And a lot of us, as you see the chart, and those are tremendous assets, but we have been trying. And when you say why us, meaning your country, we have been trying for years, and they have been trying for years to make a deal, including when I was in the first term. It would always be people talking, but they weren't getting it done.

But for 25 years before that, they were trying always to make a deal, a very significant deal. I actually -- until I looked at the numbers, I didn't realize this is a very conclusive deal, but we think we can grow it even from that. But this is a maxed-out deal, not like you said it. You said it really incorrectly.

This is a maxed-out deal that we're going to make bigger, and we make it bigger through growth. But we have tremendous assets involved. I was surprised to see how big your country is in trade, actually, one of the biggest in technology, and so many other things. It's agriculture.

I really didn't know. It's -- depending on your definition, it's from four to five to six. It's -- that's pretty big in the world. So I was very impressed by that. But we're going to take it to new levels. It's a very big deal right now. But I think it is going to grow. Just of its own volition,it's going to grow.

And over time, there will be changes made. There will be adjustments made because we're flexible. We will see things that we can do even better. But it's very conclusive. And we think everyone's going to be happy. And the people of your country are going to be very impressed with the result. And they will be able to buy from more people.

They will be able to price things differently. They will be able to get some products that aren't available to them now that we make better than anybody in the world. And it's just something that -- it's a great thing that it came together. It's so nice because we have -- many countries want to make a deal.

And many countries are very unhappy that we happened to choose this one, to be honest with you. But it's a long time, our oldest ally, or just about. Guess a couple of people claim that too. But let's put it right at the top. I think it's going to be something very special for the U.K. and special for the United States.

(CROSSTALK)

QUESTION: Thank you, Mr. President. Reagan Reese with "The Daily Caller."

How close are you to more deals? And when do you expect the next to be announced?

TRUMP: Well, very close. We have numerous deals. I know Howard's going back. Soon as this is finished, your press conference, he's got numerous.

And Scott, who's right over here, who's fantastic, by the way, you were great on television this morning. I watched you. That was very good.

(LAUGHTER)

TRUMP: He gave them a little lesson in the world in economics. But Scott's going to be going to Switzerland, meeting with China. And they very much want to make a deal. We can -- we can all play games. Who made the first call? Who didn't make the -- it doesn't matter. It only matters what happens in that room. But I will tell you that China very much wants to make a deal. We will

see how that works out. Every country throughout the last 40, 50 years has literally ripped off the United States on trade, on military, on protection, on all the different things. And we are now making fair deals.

And in this case, it's great because we really weren't very much involved. You have the European Union, which is -- I think -- I think you made the right decision years ago. I don't know if you remember. I was opening up Turnberry the day that you were voting.

[11:15:07]

And they asked me, would it happen or would it not happen? I said, no, I think they're going to go their own separate way. I think it's better for them. And they did. I think it's going to end up being a very smart decision.

But a big part of that decision was always that you would be able to make a deal with the United States, and they were unable to do that, but now they made it. And it's a tremendous -- it's very important. That was always a big part of your decision on Brexit. And they were never able to make that deal. It was -- it was a tough one.

And this one was -- it's amazing with time. This one just went very smoothly, went quickly and smoothly, and a lot of common sense, as I like to say. It's tremendous common sense. But it's going to make your country much bigger in terms of trade. And it's going to make our country much bigger in terms of trade too.

Yes, sir.

(CROSSTALK)

QUESTION: Thank you. For the...

TRUMP: Go ahead, behind you.

QUESTION: oh, yes.

QUESTION: Tom Bateman at the BBC. Thank you, Mr. President.

You mentioned meat.

TRUMP: You're with who?

QUESTION: The BBC.

TRUMP: Oh, good. Very nice. They treat me beautifully.

(LAUGHTER)

QUESTION: You mentioned meat and beef exports. The U.K. currently doesn't accept American beef because of its own food standards.

Are you calling on the U.K. to accept all American beef and chicken products?

TRUMP: Well, I think they will take what they want. We have plenty of it. We have every type. We have every classification you can have.

As you know, Bobby Kennedy is doing a tremendous job. And he's, I think, probably heading toward your system with no chemical, no this, no that. And I think we're heading that way.It seems to be. And -- but we have that also. So we have -- we're a very big country. We have a lot of beef. We're a very big country.

BROOKE ROLLINS, U.S. SECRETARY OF AGRICULTURE: Sir, may I? Sir?

TRUMP: So it'll be -- it'll be great.

Yes. Yes.

ROLLINS: You want me to jump...

TRUMP: Yes.

ROLLINS: Let's talk about American beef really quickly. And it can't be understated -- I'm Brooke Rollins, by the way -- how important this deal is and what this means to American farmers and ranchers.

Specific to the beef, this is going to exponentially increase our beef exports. And, to be very clear, American beef is the safest, the best quality, and the crown jewel of American agriculture for the world.

So I think a really important part of this deal isn't just the ethanol reducing of tariffs from 19 to zero, which for our row croppers is a huge deal, but also for beef. And as we move forward, I know our incredible trade team is looking at all of the meats, all of the produce, really all of our agriculture exports.

And I don't know if there's an industry that has been treated more unfairly and has suffered more than our agriculture industry. So we look forward to -- I will be in the U.K. on Monday talking to my counterpart over there for the next -- really for next week, and I look forward to moving that out across the country.

The president is an incredible defender...

(CROSSTALK)

TRUMP: I think we can say that we have the best in the world, best tractors, the best everything in the world. And they say that our agriculture is second to none. You understand.

And it'll be a great asset. People are going to be able to have options, choice, and they will have more of it. And that usually means lower prices. How about we will do you, and then you? Go ahead.

QUESTION: (OFF-MIKE) question for Italian TV Daniele Compatangelo (INAUDIBLE).

So, congratulations for the deal. We see big revenues from the chart. But what's the rest of Europe? There is -- it's a victory day, but other European countries, seems like they're losing the trade.

TRUMP: We intend to make a deal with Europe. We have found that the European Union treated us extremely unfairly. They're very difficult, and hurt themselves in doing so. And they very much want to make a deal. We will be dealing with them. We are dealing with them currently. So that will cover pretty much the rest of it.

But this was separate because of Brexit in particular. This was a separate deal. It always seemed so natural. I mean, all the media would say that this seemed to be like, why didn't this happen 25 years? Why didn't it happen a long time ago? And it was always amazing to me. Somebody would say, hey, we have got to make a deal. We have to make a deal.

But this deal just fell into place. And the prime minister did a fantastic job. His representatives are total professionals, and they got along well. And it just seemed to work. And I think one of the reasons it did is because we blew up the whole system. If we would have just been dealing with you separately or country by country, we -- we blew up the whole system.

It was very fair to the United -- very unfair to the United States. And I think, because of that, this worked out so nicely. And I'm honored that it was the first deal.

Please.

QUESTION: Sir, you mentioned...

TRUMP: Well, why don't you go in the back? Yes.

QUESTION: Oh, thank you, sir. It's -- I'm with "The London Times."

I will say this is a great day for James Bond, because now Aston Martins will be available to Americans.

TRUMP: That's true.

(CROSSTALK)

(LAUGHTER)

QUESTION: Will it be even better by extending it to film? You have talked about a big tariff on films. And we might (OFF-MIKE) to be relieved...

(CROSSTALK)

TRUMP: Well, we're going to have a discussion on that separately. And, as you know, we're putting tariffs on that particular film, he said, the moviemakers.

[11:20:03]

And we're going to be doing some tariffs to get them, because a lot of them have left this country. They all live here. The money comes from here. Everything comes from here. But they make them in other countries. So we're going to do something to bring them back, maybe to a large extent.

But James Bond has nothing to worry about. That, I can tell you, James Bond.

(LAUGHTER)

TRUMP: And Sean Connery was a friend of mine. Sean Connery was responsible for my getting zoning in Aberdeen. He said, let the bloody bloke build his golf courses.

(LAUGHTER)

TRUMP: I was like four years into the process, and it was impossible in Aberdeen. And he -- I don't know. He just stood up one day and he said that. As soon as he said that, I got the approvals in about two minutes.

(LAUGHTER)

TRUMP: So he had great -- he was a great guy, Sean Connery, and a great character.

QUESTION: (OFF-MIKE) later in the year.

TRUMP: Say it?

QUESTION: You're going to Scotland...

(CROSSTALK)

TRUMP: Yes, I will be. Sure. It's great. And we have a lot of investment over there. We have Turnberry, Aberdeen. We have, as you know, in Doonbeg in Ireland right on the ocean. They're all in the ocean. I only have interest if they're in the ocean.

And we have good investments over there. They're beautiful.

Yes.

QUESTION: Mr. President, if the talks go well this weekend between the Secretary Bessent and Ambassador Greer with their Chinese counterparts, not preemptively, but if the talks go well, would you then consider lowering the territory rate on China?

TRUMP: Well, it could be. I mean, we're going to see. Right now, you can't get any higher. It's at 145. So we know it's coming down.

I think we're going to have a very good relationship. I always got along very well with President Xi. That relationship was greatly disturbed by COVID, when COVID came in. But we get along very well now. I mean, we had a -- I mean, the relationship was hurt with a lot of people, a lot of countries when COVID came in.

But I think we're going to have a very good relationship. I expect to have a very good relationship with China. Scott, I think it's a very friendly meeting. They look forward to doing it in an elegant way. China, as you know, has a tremendous trade surplus with us, and we can't -- we just can't have that.

And -- but I think it's going to -- I think it's going to be very good for both countries. I would like to see China opened. One of the big things here is -- and nobody would know this -- but the U.K. was largely closed. It was very much closed to trade, and now it's opened.

And a lot of the financial reporters are very happy about that, because so much -- I'd listen to them, oh, I hope they get countries opened up. And then you compete on a fair basis, but you can't compete when you're not allowed to go there. China would be the number one example of that. It's very closed.

We almost started last time before COVID, and that didn't work out. But we made a great deal with China. They had to buy $50 billion worth of our food products. And it was a great deal, doing very well for our farmers. And then, when Biden came in, as usual, nothing happened. You know, he didn't enforce it. And it got less, less, less.

And, ultimately, it destroyed a great deal. That was a great deal. But, no, I think that we're going to have a -- I think we're going to have a good weekend with China. I think they have a lot to gain. I do think they have far more to gain than we do, in a sense.

But we're going to have a good -- I think we're going to have a very good weekend.

QUESTION: Will you speak to Xi after the weekend talks?

TRUMP: I might, yes, sure, depending on what Scott says.

We sort of -- Scott is doing certain countries, and Howard's doing certain countries. I mean, I wish I had like 10 more of each. Then we could do them all at one time. But there will be a time.

(LAUGHTER)

TRUMP: We will do a number of them. And then there will be a time, I think I can say this, Scott and Howard, where we're just going to say, because we understand the countries, we understand what they want, where we're just going to make the deal. In other words, we don't need the country involvement because we have already had it.

And we will say, this particular country, which had big surpluses, let's say, we had therefore deficits, that this particular country is going to pay a 25 percent tariff, or 30 percent, or 50 percent, or 10 percent, or whatever it may be. This was -- I think we should explain it, Howard.

One of the things we did here that we will rarely do is, on cars, we took it from 25 to 10 on Rolls-Royce, because Rolls-Royce is not going to be built here. I wouldn't even ask them to do that. It's a very special car. And it's a very limited number too. It's not one of the monster car companies that makes millions of cars. They make a very small number of cars that are super luxury, and that includes Bentley and Jaguar.

So we have a -- some very special cars. So, in order to help that industry, and that's really handmade stuff, and they have been doing it for a long time in the same location. And I said, yes, that would be good. Let's help them out with that one. But that's different than a car company that comes out and makes millions of cars, which they will be doing in our country.

They're going to build -- we have many, many factories, car plants being built or going to be built very soon. I think we can say that we will be close to $10 trillion of investment. I think we're actually at that number now, if you add up some of the ones we haven't heard about yet.

[11:25:18]

I mean, we have some going up right now. They have plants going up, and they haven't even spoken to us. They're doing it because of the tariffs. And tariffs have always been used against us. And I never understood. I used to sit back.

As you know, China paid hundreds of billions of dollars in tariffs when I was president. But, until then, China never paid anything. And they really did a big number on us from the standpoint of trade. But we are using tariffs now for our benefit.

And we have now close to $10 trillion. Think of that, $10 trillion. If you look at the past administration -- and we're talking about over essentially two months, because we could say three, but it took a little while to get the office in perfect shape, right?

(LAUGHTER)

TRUMP: It took a little while to get things done. But once we started, when you think of that, close to $10 trillion of investment, you have had years where the United States wouldn't do that in a whole -- wouldn't do $1 trillion in a year, wouldn't do anywhere near $1 trillion.

We did $10 trillion in two months. So it's amazing what's happening. We're getting calls from -- and that has to do with chips, has to do with cars. We used to make chips. We had Intel. And we used to make chips. We had a monopoly on chips. Everything was made here.

And now, over a period of years, because the presidents didn't know what they were doing, they allowed that business to be stolen from us. Most of it moved to Taiwan. And you probably were in the same position, right? Because you had a lot of the chipmaking capacity, but they moved it in.

And if we would have said, that's fine, if you want to move it to Taiwan, that's good, but if you want to sell back into the United States, we're going to put a 50 percent or 100 percent tariff on, they would have never left. But we had people sitting here that didn't understand that. And it's too bad. But now they're coming back, because I'm saying it.

I'm saying it about 40 years too late. But they're coming back. As you know, we have the biggest chipmakers in the world spending, in one case, $300 billion, in one case, $500 billion, same as Apple, and in another case $200 billion.

And we're going to have a large share, a very, very substantial share of the chipmaking market.

(CROSSTALK)

QUESTION: You said that this weekend is going to be a friendly visit. But do you expect that it will just be a formality to break the ice, or are they going to get into substantive negotiations?

TRUMP: I believe so, yes. I believe it's substantive, yes.

I think people like to say, yes, we're having a meeting to meet. Well, we're meeting. So what are we going to do, talk about meeting again? So I think it's going to be substantive. And I think we can say that, right, Scott? Very substantive.

No, China wants to do something. And, look, they have to at this point. Essentially, they made $1 trillion a year, and now they have absolutely no business because of the tariffs. They have no business, and they want to have business. And we want them to have business. We want them to do well. We want them to do very well.

So I think it's going to be very substantive.

(CROSSTALK)

QUESTION: Because business has slowed down, as you mentioned, we're seeing...

TRUMP: In China.

QUESTION: But we're seeing, as a result, the ports here in the U.S., the traffic has really slowed.

TRUMP: That's good.

QUESTION: And now thousands of dockworkers and truck drivers are worried about their jobs. Is that...

TRUMP: We lose -- that means we lose less money. When I see that, that means we lose less money.

Look, China was making over a trillion, $1.1 trillion, in my opinion, different numbers, from $500 billion to $1 trillion or $1.1 trillion. I think it was $1.1 trillion. And, frankly, if we didn't do business, we would have been better off, OK? You understand that. So, when you say it slowed down, that's a good thing, not a bad thing.

But we're going to make it so they can -- I'd like to say they can do better, actually, in terms of the bottom line. We'd like to see China opened up, so we can compete in China and give people something that they have never had, access to something.

That'd be great for the world. It would be great for our businesses. And I think it would be great for friendship. I really expect a lot of people think I'm a militant guy. I'm really not. I think that trade can bring a greater friendship with China. It can be something good.

But one of the things that I know Scott's going to be talking about very high on the list is open up and let our businesses go into China, because, when you talk about a closed country, that's a really closed country. And I think it would be great if it was opened up, give people a lot of choice, and would create a lot of jobs, a lot of everything.

So I think it would be a great thing for China. And that's going to be one of the things we will be discussing, like we discussed with U.K.

(CROSSTALK)

QUESTION: Thank you, Mr. President.

TRUMP: Yes, please.

QUESTION: So, what does Britain have to do for you to drop the baseline 10 percent tariff that you will maintain?

TRUMP: Well, I think that's set because that has to do with a lot of different things, including past.