A flurry of laudatory adjectives and unrestrained celebration. And yet, behind the relief lie modest results. This summarizes the presentation of the preliminary trade agreement between the US and the UK, announced by US President Donald Trump in the Oval Office on Thursday, May 8. Surrounded by Vice President JD Vance and Secretary of Commerce Howard Lutnick, who led the negotiation, the head of state pressed his intercom. The voice of British Prime Minister Keir Starmer then emerged, praising before journalists an "incredible platform for the future" and a "truly historic" agreement. It was a strange, largely improvised staging that gave an idea of the eagerness of the two leaders to reach a conclusion.

Ever since what the Trump administration dubbed "Liberation Day" on April 2, and the massive, largely incoherent announcement of tariffs on imports from nearly every country worldwide – and which was later suspended for 90 days – the US has found itself under pressure.

While market and investor nervousness became palpable, the White House was asked on a daily basis when the first trade agreements would be signed. Much was said about Japan, South Korea and India. Ultimately, it was the UK − a historic ally − that crossed the finish line first. Initial contacts are planned in Switzerland this weekend with representatives from China − the most complex case to untangle.

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