Washington celebrates that "it has been possible because we blew up the whole system," while London considers it a "start," but not the end, and resists accepting a relaxation of phytosanitary standards.

The Trump administration announced a trade deal with the United Kingdom Thursday in grandiose terms, but with only limited details about what it achieves.

Opposition to Trump may have jumped the gun on the doom and gloom forecasts. Trump's string of deals and demands have moved markets to recovery. Major indices have since exceeded both their April 1 closes and predictions.

President Trump announced that a trade deal with the United Kingdom is coming as questions linger about what nations are negotiating with the U.S. over tariffs. CBS News' Natalie Brand has more.

Trump said the agreement affirms "reciprocity and fairness is an essential and vital principle of international trade."

On May 8, President Donald J. Trump and Prime Minister Keir Starmer announced a new trade deal between the United States and the United Kingdom. According to the White House fact sheet, the deal will significantly expand U.S. market access into the U.K., creating a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers.

The result has been a raft of trade wars between Washington and other governments, Beijing foremost among them. Trump’s disruptions to the global economy are serious, and they may feel novel. But today’s situation is hardly without precedent.

Hailed by Britain’s prime minister in superlatives, the deal opens up significant opportunities. Its success will depend on what comes next.