The United States is settling for a tiny fraction of what it could have achieved through traditional free-trade agreements.

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.

Trump said this would boost U.S. exports of beef, ethanol and other goods — though details on food standards still need to be worked out. The 10% U.S. tariff on imports of most British goods remains.

The result has been a raft of trade wars between Washington and other governments, Beijing foremost among them. Trump’s disruptions to the global economy are serious, and they may feel novel. But today’s situation is hardly without precedent.

Final details are under wraps but Trump promised the deal provides billions of dollars in access for U.S. agricultural products like beef and ethanol.

Trump imposed "reciprocal" tariffs on nearly all other countries, but quickly paused them to allow time to negotiate trade agreements with the United States.

Although the White House called the trade deal a 'milestone,' U.S. officials also described it as merely the 'end of the beginning' of talks involving the trade relationship with Britain.

President Donald Trump is "determined to continue with a "10% baseline tariff" against all countries despite his U.K. trade deal, the White House said.

The Trump administration announced a trade deal with the United Kingdom Thursday in grandiose terms, but with only limited details about what it achieves.