Good morning. This is Betty Lin-Fisher with today’s edition of The Daily Money.
President Donald Trump has announced a trade deal with the United Kingdom. It is the first trade pact since he paused reciprocal tariffs and began negotiating with countries to lower trade barriers.
Trump imposed reciprocal tariffs on a number of countries April 2 but later paused most of them for 90 days, saying those nations’ leaders were eager to negotiate trade deals. Since then administration officials repeatedly have said they are close to making deals, reports Zac Anderson.
The UK wasn’t hit with a reciprocal tariff but faces a 10% universal tariff and 25% tariffs Trump imposed on foreign automobiles, steel and aluminum.
More details of the trade deal will be released this morning during a press conference.
Defaulted student loan borrowers face threat
More than 5 million student loan borrowers who are behind on their payments could soon face serious benefit consequences by the end of the summer.
The U.S. Department of Education announced on May 5 that by the end of summer, 5.3 million defaulted student loan borrowers will receive a 30-day notice from the U.S. Department of Treasury, notifying them that they could lose federal benefits.
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This article originally appeared on USA TODAY: The US has its first trade deal
