US-UK Trade Deal: Could Trump’s ‘Big Trade Pact’ Be Fueling the Crypto Surge Today?
Highlights
- Donald Trump announced a major trade deal with a “highly respected country.”
- The New York Times identified this country as the United Kingdom.
- The announcement has triggered a significant rally in the cryptocurrency market.
- Leading cryptocurrencies such as Bitcoin, Ethereum, and XRP have experienced notable price increases.
U.S. President Donald Trump has announced a “major trade deal,” fueling speculation about a potential agreement between the United States and the United Kingdom. In a recent Truth Social post, Trump hinted at a deal with a “big, and highly respected, country,” which The New York Times later identified as the UK. The announcement has stirred excitement in the cryptocurrency market, contributing to a significant rally.
Following Trump’s post, the total crypto market capitalization rose to $3.07 trillion, marking a 2.72% increase. Major cryptocurrencies saw notable gains, with Bitcoin (BTC) climbing 2.66%, Ethereum (ETH) jumping 5.3%, and XRP rising 2.5% over the past 24 hours.
Trump Announces Potential US-UK Trade Deal: Crypto Market Rally Begins
On May 7, President Donald Trump posted a statement on Truth Social, declaring a “Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Although the country involved was not named in the post, The New York Times reported that the United Kingdom is the likely partner, fueling strong speculation about a forthcoming US-UK trade agreement.
The market reaction was swift. Speculation surrounding the potential deal ignited a surge across the crypto landscape, with major digital assets trading firmly in the green. Bitcoin (BTC), which hovered around $97,759 before the announcement, quickly approached the significant $100,000 mark. Ethereum (ETH) also climbed toward $2,000, while XRP touched a psychologically important threshold of $2.20.
Trade Agreement Details
According to The New York Times, three sources familiar with the situation confirmed that the United States is preparing to enter into a trade agreement with the United Kingdom. While specifics remain under wraps, Trump is expected to make a formal announcement today, May 8.
Commenting on the development, Timothy C. Brightbill, an international trade attorney at Wiley Rein, noted that this could likely be an initial framework rather than a finalized deal. “It’s probably just an agreement to start the negotiations, identifying a framework of issues to be discussed in the coming months,” he said. Brightbill also pointed out that critical topics such as tariff rates, non-tariff barriers, and digital trade are likely to be part of the discussions, each with its own complexities.
This marks Trump’s first major trade announcement since implementing aggressive tariffs on several key U.S. trading partners. Those tariffs were later paused in an effort to create room for new negotiations. Notably, the earlier U.S.-China trade tensions had a considerable impact on the cryptocurrency market, triggering a significant correction — a contrast to the current bullish wave.
