The United States and Britain are set to announce a trade deal on Thursday, according to the New York Times

The New York Times said on Wednesday that three people familiar with the planning said that U.S. President Donald Trump is poised to announce a trade agreement between the United States and Britain on Thursday.

When Trump announced earlier on Truth Social that he would hold a news conference in the Oval Office on Thursday at 10 a.m. EDT (1400 GMT) regarding a “major trade deal with representatives of a big, and highly respected, country,” he used all capitalisation.

Though he did not elaborate, he stated that it would be the “first of many.”

A representative for the White House chose not to respond to the Times article.

According to a UK official, the two nations have made strong progress on a trade agreement that is expected to include reduced steel and car tariff quotas.

Following the president’s April 2 imposition of a 10% tariff on the majority of nations and higher “reciprocal” tariff rates for other trading partners—which were later deferred for 90 days—top Trump officials have been meeting with trading partners in a frenzy of meetings.

Britain does not have additional tariffs imposed on it because it imports more goods from the United States than it exports.

Trump has also placed 145% tariffs on China, 25% tariffs on Canada and Mexico, and 25% tariffs on steel, aluminum, and automobiles.

Trump announced Tuesday that he and senior administration officials will spend the next two weeks evaluating possible trade agreements and selecting which ones to approve.

He mentioned “potential” trade agreements with South Korea, Japan, and India last week.