Trump says UK-US trade deal is a 'great honour'

US set to 'expand' farming market after UK deal

We're now getting a bit more from the US side of the trade deal, where politicians seem to be a bit more free to talk.

Brooke Rollins, Donald Trump's agriculture secretary, has just posted on social media that the deal is "big news".

She added that she will be in the UK on Monday next week as the United States continues "to expand markets for our products around the world".

British politicians have said they had red lines on food safety in the deal - but this will be a crunch part of the agreement, as farmers are already not pleased with Sir Keir Starmer due to his changes to agricultural inheritance tax.

T-minus 23 minutes to Trump...

Donald Trump is expected to talk about the deal his administration has struck with the UK government at 3pm our time.

He'll be speaking in the Oval Office - you'll be able to watch and follow live here in the Politics Hub.

See our previous post for an overview of what else is to come over the next few hours - including a news conference with Keir Starmer.

Trump will claim deal shows tariffs are working

Our correspondent David Blevins is in Washington DC for us.

He says the lawns are being watered and mowed outside the White House ahead of Donald Trump's announcement of a trade deal with the UK at 3pm our time.

He says: "We understand Sir Peter Mandelson, the UK's ambassador to the US, will be among those present. 

"I can tell you there is no sentry from the US Marine Corps on duty yet standing guard outside the West Wing. 

"So that tells us President Trump is not yet in the Oval Office, but he will be shortly. It's from there we expect him to make this announcement."

Trump not a details man

David adds the agreement lets Trump "argue that his policy of imposing sweeping tariffs" is working, as we expect him to have won some concessions from the UK on food and agriculture.

"But of course the real test will be in the substance and I don't think we'll get much of that from Donald Trump today," he says.

"He's not a details kind of guy, he's much more likely to paint in broad brush strokes. 

"Perhaps it's when we hear from the prime minister later, we learn just exactly what has been agreed."

Chancellor welcomes US trade deal - but wants closer ties with EU too

Chancellor Rachel Reeves is looking forward to hearing more about the UK-US trade agreement later.

She tells broadcasters it will build on the "incredibly strong trade and investment link" between the two countries.

She says it's down to the prime minister to reveal more later - we'll bring you his news conference live.

'UK open for business'

As for whether there's anything in the deal that might put a fresh trade agreement with the EU at risk, Reeves insists the government won't "choose" between the two.

The UK is "open for trade, open for business, open for investment" with countries around the world, she says - pointing to the agreement the government announced with India earlier this week.

There'll be more about future relations with Europe at a UK-EU summit later this month. Reeves has previously said the UK's trading relationship with the EU is more important than the one with the US.

PM to give news conference this afternoon

We now know that Sir Keir Starmer will be giving a news conference this afternoon.

This will be on the topic of the US-UK trade deal.

From what we know, this will take place in the West Midlands.

We're also expecting to hear from Donald Trump in Washington, and there's going to be a statement in the Commons at some point too.

Stay with us throughout the afternoon for updates on the agreement as we get them.

Bank of England chief welcomes news of deal

As we reported earlier, the Bank of England announced its latest decision on interest rates earlier - cutting the base rate by 25 points.

In the subsequent news conference, governor Andrew Bailey was asked about the deal expected today.

He told journalists: "I very much welcome it, and I think it's very well done to those involved, and the reason for saying that is that it will help to reduce uncertainty."

Bailey added that he was not privy to the contents of the deal.

On the political side, the likes of Chancellor Rachel Reeves will be hoping the deal can help speed up the UK economy's sluggish growth.

As you'd expect, she also welcomed the rate cut - but acknowledged there's "still more to do" to turn the economy around.

-SKY NEWS