The United Kingdom and the United States are expected to announce a new trade agreement later today, following comments from U.S. President Donald Trump that a deal with a “highly respected” country was imminent. Downing Street confirmed Thursday morning that a formal statement would be issued, highlighting deepening economic ties between the two transatlantic allies.

According to a spokesperson for Prime Minister Keir Starmer, the pending agreement reflects Britain’s commitment to acting in the national interest. “The prime minister will always act in Britain’s national interest – for workers, for business, for families,” the spokesperson said. “The United States is an indispensable ally for both our economic and national security. Talks on a deal between our countries have been continuing at pace and the prime minister will update later today.”

The anticipated deal could mark the first formal trade agreement reached by the U.S. since “Liberation Day” in April, when President Trump introduced a new wave of tariffs targeting foreign imports. The UK emerged relatively unscathed from those tariffs, with its exports facing a 10% baseline duty—far less than the 20% rate imposed on EU goods or the 30%-plus levies on imports from several Asian countries.

However, key British exports such as cars and steel are still subject to a 25% tariff under current U.S. rules. Trade experts anticipate that the forthcoming agreement will focus on easing restrictions in these sectors, though it is unlikely to extend to a full-scale free trade arrangement at this stage.

British negotiators have been in Washington this week in a final push to secure more favorable terms, amid growing concern over potential future levies. President Trump’s recent proposal to tax foreign films has also raised alarms in the UK, where the film industry is a major source of export revenue.

The UK is also broadening its global trade strategy. On Tuesday, Prime Minister Starmer announced a long-awaited trade deal with India, easing the movement of professionals and reducing tariffs on British gin and whisky. Meanwhile, preparations are underway for a UK-EU summit on May 19, where discussions are expected to include a post-Brexit youth mobility agreement.

The U.S., for its part, is exploring deals with several nations including Japan, Israel, and India, though negotiations with China remain strained. President Trump has signaled that he will not lower tariffs on Chinese imports—currently at 145%—without significant concessions from Beijing.

As transatlantic talks reach their conclusion, today’s announcement could mark a significant milestone in reshaping post-Brexit trade relations between London and Washington.

Rheinmetall, Germany’s largest ammunition and arms manufacturer, reported a sharp rise in sales for the first quarter of 2025, as European defence spending continues to surge in response to shifting geopolitical dynamics. The company posted a 46% year-on-year increase in revenue, reaching €2.3 billion, driven by heightened demand for military systems and weapons.

The standout performance came from Rheinmetall’s defence segment, which grew by 73% to €1.8 billion in sales, accounting for the majority of the company’s revenue. Foreign markets contributed 70% of total sales, underlining the global reach of the firm’s growing defence footprint. The spike in demand follows a broader trend across Europe, where defence budgets are expanding in response to heightened security concerns, particularly following the recent suspension of U.S. military aid to Ukraine.

Shares in Rheinmetall have surged by 170% since the start of the year, with an additional 1.5% gain following the earnings announcement. Germany’s landmark debt reform, which prioritizes defence and infrastructure spending, has also played a role in boosting investor confidence across the defence sector.

Looking ahead, Rheinmetall maintained its forecast for 2025, projecting annual sales growth of 25% to 30%. The company expects an operating margin of 15.5%, up from 15.2% in 2024, and hinted at the possibility of further revisions to guidance as demand conditions continue to improve.

Chairman of the Executive Board Armin Papperger described the current period as a turning point for the company and for European defence at large. “Rheinmetall is needed—customers are buying entire factories from us today,” he said. “Europe must prepare itself for a new era… Rheinmetall stands firmly by its responsibility in this epochal break.”

Papperger emphasized the company’s global expansion efforts, noting projects in the U.S., UK, Italy, and Ukraine, as well as new plant constructions and strategic acquisitions. “We are experiencing growth like never before,” he added.

Rheinmetall’s first-quarter profit rose by 70%, with earnings per share at €1.92. Operating income climbed 49% to €199 million, while defence profits nearly doubled to €206 million. A key performance indicator—referred to as “Rheinmetall Nomination,” which includes incoming orders and framework agreements—surged 181% year-on-year to €11 billion, with a significant share originating from Germany’s special military fund.

The company’s order backlog hit a record €63 billion by the end of the quarter, driven by large-scale contracts in various defence categories. Vehicle systems revenue jumped 93% to €952 million, and weapons and ammunition sales reached an all-time high of €599 million. Electronic solutions saw nominations soar to €10 billion, while the power systems segment fell 6.7% amid automotive sector headwinds.

Shares in Novo Nordisk surged on Wednesday after the Danish pharmaceutical giant posted stronger-than-expected first-quarter earnings, even as it lowered its growth outlook for 2025 due to mounting competition in the weight-loss drug market.

The company, best known for its diabetes and obesity treatments, reported a 20% year-on-year rise in net profit to 38.8 billion Danish kroner (€5.2 billion), with net sales up 18% to 78.1 billion kroner (€10.5 billion). Both figures exceeded analyst expectations, driven by robust demand for obesity and diabetes medications.

Despite the upbeat results, Novo Nordisk cut its full-year guidance. The firm now expects 2025 sales growth of 13–21%, down from its earlier projection, and operating profit growth between 16–24% at constant exchange rates—both lowered by several percentage points.

“We have reduced our full-year outlook due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US,” CEO Lars Fruergaard Jørgensen said in a statement. “We are actively focused on preventing unlawful and unsafe compounding and on efforts to expand patient access to our GLP-1 treatments.”

Still, shares rose 4.4% at the opening of European trading, though the stock remains down 26% since the start of the year. In contrast, main U.S. competitor Eli Lilly has seen a more stable stock performance in 2025.

A key pressure point for Novo Nordisk is the U.S. market, where demand for GLP-1-based weight-loss treatments like Wegovy has outpaced supply. Under FDA policy, compounding pharmacies were permitted to produce alternative versions of drugs in short supply, allowing smaller rivals to offer cheaper options. Although the FDA declared shortages over earlier this year, it granted a grace period until May 22 for compounded versions to remain in circulation.

In response, Novo Nordisk slashed Wegovy’s price by more than half on its online platform, NovoCare, mirroring similar price cuts by Eli Lilly.

In its outlook, Novo Nordisk highlighted the continued global rollout of Wegovy, noting there are an estimated one billion people living with obesity worldwide, yet only a fraction are receiving treatment. CFO Karsten Munk Knudsen said he expects Wegovy sales to pick up further in the third quarter.

Meanwhile, the company announced the completion of its REDEFINE 2 trial for its next-generation drug, CagriSema, which showed a 15.7% weight reduction. While the results fell short of the 25% reduction some had hoped for, Novo Nordisk aims to file for regulatory approval early next year.

The company also said it has filed for U.S. approval of a new oral formulation of semaglutide, which could become the first oral GLP-1 drug for obesity treatment.

Despite market headwinds, Novo Nordisk remains optimistic about future growth in a highly competitive but fast-expanding global obesity market.