The U.S. and United Kingdom have signed a trade deal, the first such agreement since President Donald Trump announced sweeping tariffs on trading partners earlier this year. The deal is set to lower tariffs on steel and automobiles and make it easier for the U.

The agreement to lift the 25 percent duty on steel exported to the United States provided some relief for struggling businesses, but uncertainties for the industry remain.

President Donald Trump agreed on Thursday to cut tariffs on U.K. autos, steel and aluminum in a planned trade deal but played down the possibility of other nations getting similarly favorable terms on his import taxes,