President Donald Trump on Thursday announced a trade deal with the United Kingdom -- the first in what the White House said it hopes will be a flurry of agreements while the reciprocal tariff pause is in effect.

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.