Britain is set to hold discussions with the United States next week in an effort to fast-track the implementation of a recently announced bilateral trade agreement, according to the Financial Times. The move comes

A US federal court has blocked President Donald Trump's sweeping tariffs, in a major blow to a key component of his economic policies. The Court of International Trade ruled that an emergency law invoked by the White House did not give the president unilateral authority to impose tariffs on nearly every country.

The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.