Donald Trump will on Thursday announce the US has reached a “major trade deal” with a “highly respected country”, the US president said.

Multiple media outlets in the US, including the New York Times, reported the deal was with the UK, citing people familiar with the plans.

Mr Trump took to his Truth Social platform to announce he would hold a news conference in the Oval Office at 10am local time (3pm BST) about a “major trade deal with representatives of a big, and highly respected, country”.

It would mark the first deal agreed upon since Mr Trump’s “liberation day” announcement of sweeping tariffs last month.

The US and UK have been holding discussions over a potential trade deal, with Chancellor Rachel Reeves saying the Government has been working “flat out” to secure an agreement that would mitigate the impact of the tariffs.

The UK on Tuesday announced it had come to terms on a trade deal with India, which will mean dramatic tariff reductions on scotch whisky and car exports to India.

Levies on aerospace, electricals and other food products will also fall under the agreement, while UK consumers are expected to benefit from tariffs being reduced on some Indian goods such as clothing imported to the country.