US stocks end higher after Trump announces US-UK trade deal

By Gokhan Ergocun

ISTANBUL (AA) - US stocks closed higher Thursday following positive developments in US trade policies.

President Donald Trump announced a trade deal with the UK, under which the US has agreed to reduce import taxes on a set number of British cars and allow some steel and aluminum into the country tariff-free.

Trump has decided to remove the 25% tariff on UK steel and aluminum while also reducing the tariff on most car exports from 27.5% to 10%.

The new car tariff applies to the first 100,000 vehicles exported from the UK to the US annually, with 101,000 vehicles having been exported last year.

Trump also signaled for a potential deal with China.

Responding to a reporter’s question about whether he would lower tariffs on China if trade talks this weekend went well, he said “well, it could be.”

He also said that the US is very close to making more trade deals.

Noting that US Treasury Secretary Scott Bessent will meet with Chinese officials in Switzerland, Trump said this is very important.

At the close, the Dow Jones Industrial Average was up 0.62% or 254.48 points, at 41,368.45.

The S&P 500 index increased 0.58%, or 32.66 points, to 5,663.94, while the Nasdaq index rose 1.07%, or 189.98 points, to 17,928.14.

The VIX volatility index, also known as the fear index, fell 4.54% to 22.48.