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.

President Donald Trump will announce a trade agreement with the United Kingdom on Thursday morning, he wrote on social media, calling it “full and comprehensive,” without providing more details. The deal is the first the administration hopes to sign with dozens of trading partners across the world.

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

Opposition to Trump may have jumped the gun on the doom and gloom forecasts. Trump's string of deals and demands have moved markets to recovery. Major indices have since exceeded both their April 1 closes and predictions.

President Trump announced that a trade deal with the United Kingdom is coming as questions linger about what nations are negotiating with the U.S. over tariffs. CBS News' Natalie Brand has more.

Trump said the agreement affirms "reciprocity and fairness is an essential and vital principle of international trade."

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.

Hailed by Britain’s prime minister in superlatives, the deal opens up significant opportunities. Its success will depend on what comes next.