In a first since Liberation Day, the U.S.
prepares to announce a trade deal with the U.K.
Plus, the Trump administration moves to overhaul curbs on chip exports.
And we'll look at how tariff whiplash is spurring some central banks to cut rates,
even as the Fed stands pat.
One bunch of central banks has a fairly clear...
one-sided problem, which is growth is slowing without any real sign of an inflation pickup.
The Fed has really the biggest challenge.
It's Thursday, May 8th.
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
President Trump is expected to announce the framework of a trade deal with the United Kingdom today in what would be the first major agreement of his second term.
The UK is hoping to get a reduction on the 25% tariffs the U.S.
has levied on steel, aluminum, and automobiles.
But our London-based correspondent Max Colchester says the baseline 10% tariff imposed on all countries will likely remain in place.
This isn't going to be a comprehensive trade deal that covers a lot of sectors.
It's likely to be focused on a few key areas,
notably the steel tariffs that Trump imposed on the UK and automobile tariffs that the two countries impose on each other.
And there will also be potentially a tweak to the amount of tax the UK levies on big US tech companies here.
Max said that the agreement could be one of the more straightforward deals for the Trump administration,