Risk assets are rallying, primarily on the back of the first trade deal and the Q&A session afterwards. The U.K. landed the first deal with the U.S. While much of the focus has been on South Korea, Japan, and India, the U.K. wound up winning the race. The details need to be hammered out, but we got a broad outline. 10% tariffs will remain on most imports from the U.K. This is a higher level of tariffs than the U.S. had before the President took office and fits the narrative that the administration wants tariff revenue to help get the ... The First Trade Deal