The United States and the United Kingdom announced a new trade deal Thursday, marking the first agreement since President Donald Trump implemented sweeping global tariffs in April.The agreement lowers tariffs on U.K. cars and eliminates on tariffs on steel and aluminum, while maintaining a baseline 10% tariff. The deal is expected to also increase exports of American beef and ethanol. "This is now turning out, I think, really to be a great deal for both countries because it will be really great for the U.K. also, so they are opening up their country," Trump said from the Oval Office.Under the new agreement, the first 100,000 vehicles imported from U.K. manufacturers will face a reduced tariff rate of 10%, down from 27.5%. British Prime Minister Keir Starmer, speaking at a Jaguar Land Rover plant, emphasized the importance of the deal for protecting auto workers."We did the hard yards. We stayed in the room. And I'm really pleased to say to the workforce here and through them to the country, how important I think this deal is," Starmer said.U.K. officials also announced that tariffs on steel and aluminum would drop from 25% to zero percent.Trump noted that the final deal is still being drafted but should be "conclusive" in the coming weeks. However, some analysts view the overall agreement as a modest improvement over the tariffs imposed by Trump in April."With most tariffs remaining in place on the U.S. side and with very modest changes on the U.K. side, it's a net loss compared to what we had prior to Trump taking office," said Scott Lincicome, vice president of general economics and trade at the Cato Institute. Meanwhile, U.S. and Chinese officials are preparing for their first major trade talks in Switzerland on Saturday amid ongoing trade tensions."Very substantive, China wants to do something," Trump said.The U.S. Treasury Secretary and U.S. Trade Representative are expected to engage with Chinese officials, as a 145% tariff remains on goods from China, one of America's top trading partners. According to the Census Bureau, the U.S. ran an $11.9 billion trade surplus in goods with the U.K. last year.