The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

President Donald Trump will announce a trade agreement with the United Kingdom on Thursday morning, he wrote on social media, calling it “full and comprehensive,” without providing more details. The deal is the first the administration hopes to sign with dozens of trading partners across the world.

President Trump announced that a trade deal with the United Kingdom is coming as questions linger about what nations are negotiating with the U.S. over tariffs. CBS News' Natalie Brand has more.

Trump said the agreement affirms "reciprocity and fairness is an essential and vital principle of international trade."

Hailed by Britain’s prime minister in superlatives, the deal opens up significant opportunities. Its success will depend on what comes next.

The trade agreement in principle with the United Kingdom could be an opportunity for the state’s ethanol industry. Wendy Osborn says Ohio is currently the 7th largest producer of ethanol in the country.

The United Kingdom is the first European country to have reached a compromise with the United States on trade. But some analysts believe the deal sends the wrong signal. #EuropeNews