U.S. stock markets and global equities rose on Thursday as President Donald Trump announced the framework of a trade agreement with the United Kingdom at a press conference in the Oval Office alongside British Prime Minister Keir Starmer. The agreement is a 'heads of terms' framework, with no final deal signed yet, and sets a baseline tariff of 10% on U.K. imports to the U.S., with the possibility of higher tariffs for countries with larger trade surpluses. The deal primarily covers tariffs on British-made cars and steel, both of which had previously been subject to 25% tariffs imposed by the Trump administration. Major U.S. indexes advanced: the Dow Jones Industrial Average rose by more than 300 points in early trading and was up 1.41% to 41,695.33, the S&P 500 gained 1.25% to 5,701.35 (up 14 points), and the Nasdaq climbed 1.64% to 18,031.26 (up 0.5%). The Dow also rose 89 points in early trading. In the U.K., the FTSE 100 was up 0.3% and the FTSE 250 reached a two-month high. European markets also saw gains, with France's CAC 40 and Germany's DAX each rising by 1.1%. The announcement coincided with the Trump administration's decision to rescind certain chip export restrictions and lift AI chip curbs, which contributed to gains in technology stocks. Treasury yields rose 4-5 basis points, oil traded near $58.86 per barrel, and Bitcoin neared $100,000. President Trump indicated that the U.K. deal is expected to be the first in a series of trade agreements with key U.S. partners. He noted that the final details are still being negotiated and are expected to be completed in the coming weeks. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are scheduled to meet with Chinese officials in Switzerland over the weekend to discuss trade and economic issues. The Federal Reserve held its benchmark interest rate steady at 4.25% to 4.5%, citing uncertainty around trade policy. The Bank of England cut its interest rate by 25 basis points to 4.25% prior to the U.S.-U.K. trade deal announcement. The Trump administration has maintained a 145% tariff on Chinese imports, while signaling that the 10% tariff on U.K. goods could serve as a model for future agreements.