In exchange, the U.K. will ease trade barriers targeting a set of products, including ethanol, beef and machinery, among other products, Secretary of Commerce Howard Lutnick said. That additional market access amounts to $5 billion worth of trade, the White House said.

President Donald Trump announced a new trade agreement with the United Kingdom on Thursday, calling it the start of a wave of upcoming deals. Speaking from outside the West Wing on Thursday, Trump said at least three more agreements are currently in progress and that foreign leaders are eager to sign them at the White House.