President Donald Trump announced a new trade deal with the U.K. to reduce tariffs on British steel and aluminum, which may alleviate tensions in the global trade war. This agreement, while not dramatic, is expected to send more U.S. agricultural exports to the U.K. and cut levies on U.K.-made cars significantly. Economists note this deal is unlikely to have a substantial impact on the U.S. housing market since U.K. exports represent only a small fraction of total imports compared to larger suppliers like Mexico and Canada.
Economists predict that the newly unveiled trade deal is unlikely to significantly move the needle on U.S. home construction, considering that the U.K. supplies far fewer building-related goods than Mexico, Canada, or China.
The final details are being written up. In the coming weeks, we'll have it all very conclusive.
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