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.

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.

As European governments face mounting budgetary pressures from slow economic growth, aging populations, and increased defense spending, many are turning to a new source of relief: wealthy foreigners. In a bid to boost investment and tax revenues, several countries are rolling out attractive fiscal incentives designed to lure high-net-worth individuals to their shores.

Italy: A Flat Tax for the Ultra-Wealthy

Italy remains a popular destination, not only for its rich culture and Mediterranean climate, but also for its lucrative flat tax regime. Under this program, foreign residents can opt to pay a flat annual tax of €200,000 on all income earned abroad, regardless of the amount. The incentive is available for up to 15 years and targets individuals who haven’t lived in Italy for at least nine of the last ten years.

“This system eliminates the need for complex tax planning,” said tax advisor David Lesperance, noting that some wealthy individuals see the lump sum as equivalent to what they already spend annually on accounting fees.

Switzerland: Expense-Based Taxation

Switzerland offers a similar scheme, known as the forfait fiscal, which calculates tax based on an individual’s living expenses rather than income. Though only a small portion of taxpayers qualify, those eligible — typically wealthy foreigners with no Swiss business activities — can benefit from lower effective tax rates. Minimum thresholds apply, such as tax based on at least seven times annual rent or CHF 429,100 (€455,000), whichever is higher.

Portugal: A Revised Regime with Limits

Portugal’s tax benefits for expats have stirred domestic controversy, especially amid rising living costs. After criticism and international pressure, the country has revamped its Non-Habitual Residence program. The new version, NHR 2.0, grants a 20% income tax rate to highly qualified professionals for 10 years but excludes foreign pensions, which are now taxed at standard rates.

Shell Companies and Loopholes

The use of shell companies remains a common tactic for the wealthy to minimize taxes. By routing personal income through corporate entities, individuals can shelter wealth in jurisdictions with low corporate tax rates — such as Hungary (9%), Bulgaria (10%), and Ireland (12.5%). While more than 140 countries have agreed to a 15% global minimum tax on large corporations, its implementation is still ongoing.

Balancing Benefits and Backlash

Experts caution that tax planning is complex and must consider broader fiscal factors including inheritance, wealth, and capital gains taxes. While tax incentives can boost property markets and local spending, they also raise questions about fairness and long-term sustainability.

“Countries wouldn’t offer these perks if they didn’t believe the benefits outweighed the costs,” said Jason Porter of Blevins Franks Financial Management. “But the political debate over these trade-offs is far from over.”