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.

The president said he’s reached a “conclusive” and “comprehensive” trade deal with the U.K. Reality suggests otherwise.

President Donald Trump has dismissed critics who have asked how many deals he has brokered after he paused some tariffs last month to allow for negotiations.