It started off as a tactical response to President Trump's tariffs, but actually morphed into a more substantive trade deal," the official said. Trump's first trade deal fuelled a rally on Wall Street, sending major US indexes briefly up over 1%. It said it hoped that the deal would be a start of deeper US-UK trade integration including the digital economy. But much depends on whether American beef could compete with the British beef on price and find favor with British consumers. Economists and one FTSE 100 chief executive said the immediate economic impact of a tariff deal was likely to be limited, but that trade agreements in general would help long-term growth.