First American Pope Elected to Lead Catholic Church
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Who is Robert Francis Prevost, the first American Pope?
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President Trump announces his first new trade deal with the U.K. That's as U.S. negotiations with China are set to kick off this weekend. How businesses in both countries are coping with existing tariffs.
For a lot of Chinese manufacturers that mainly export to the U.S. and for American businesses that heavily rely on Chinese imports into this country... It really has been a chaotic time. And... Peace be with you all.
Those were the first public remarks from the first American pope. It's Thursday, May 8th. I'm Victoria Craig for The Wall Street Journal, filling in for Alex Osola. This is the PM edition of What's News, the top headlines and business stories that move the world today. We begin in the Oval Office today.
You all set to go? Ready when you are. Okay, we're ready. We have the Prime Minister on the phone, and we have a nice hookup.
With British Prime Minister Keir Starmer on the phone and flanked by members of his own administration, President Trump announced the outlines of a new trade agreement between the two countries.
Today's agreement with the UK is the first in a series of agreements on trade that my administration has been negotiating over the past four weeks. With this deal, the UK joins the United States in affirming that reciprocity and fairness is an essential and vital principle. of international trade.
Most U.K. goods will still be subject to the global 10 percent tariff the U.S. imposed on all countries last month, but some products will be exempted and auto tariffs against British cars will fall from 25 percent to 10 percent. The U.K. also committed to importing more American goods, including Boeing planes, and cutting tariffs on U.S. beef and ethanol. Starmer called the deal a fantastic one that would boost trade, create jobs, and open market access. Meanwhile, the European Union took a step toward trade conflict with the U.S., releasing a list of about $107 billion worth of American products that could be subject to fresh tariffs if talks fail. Airplanes are on that list, which would be bad for Boeing, the U.S. 's biggest exporter.
Other targets include cars, car parts, health and agriculture products and alcoholic beverages like American whiskey. There's been no final decision about what products would be hit or the level of tariffs that could be imposed. WSJ reporter Kim McRae joins me now from Brussels. Kim, what would it take for the EU to actually impose these tariffs?
Yeah, so they really are not looking at doing this in the near term. This is something they want to have on hand in case they get to that point. They'll probably be making an assessment closer to the end of the 90-day pause on the higher reciprocal tariffs. If they get to the point at the end of those three months where it seems clear there's no deal that the EU considers to be fair forthcoming, then that's a point when they would consider the U.S. tariffs to be a somewhat more permanent thing, or are we still actually making progress on negotiations?
Yeah, and the EU said today that they're considering the possibility that these tariffs might actually not be temporary. They may be permanent, depending on how the talks go. So how are the talks going? What are the negotiations like at this point?
The talks are ongoing. What we're hearing from them are that... The EU has come up with a few different offers or suggestions of things that it could do. They've said, here are some products we could probably buy more of. And the examples they've given are liquefied natural gas and soybeans. They've also said one thing we could do is we could all lower our industrial tariffs. to zero.
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