This story appeared in The Logoff, a each day e-newsletter that helps you keep knowledgeable concerning the Trump administration with out letting political information take over your life. Subscribe right here.Welcome to The Logoff: The US and UK introduced a framework for a brand new commerce deal in the present day, and whereas Trump administration officers touted the pact as an easy victory for the president’s tariff coverage, the true story is much extra difficult. What’s the newest? The US and the UK have a commerce deal — in precept. Nothing has been signed but, however the framework introduced Thursday would decrease some tariff boundaries on each international locations. The UK would nonetheless be subjected to President Donald Trump’s 10 p.c international tariff, a baseline fee he imposed on imports from around the globe.What would this commerce deal change? If signed, it could scale back US tariff boundaries on UK vehicles, metal, and different gadgets, and the UK would make it simpler for the US to promote beef, ethanol, and agricultural items, amongst different provisions.Is that this due to the tariffs? Whereas the deal would scale back — however not eradicate — the tariffs Trump has imposed on the UK, curiosity in a commerce deal has been a subject of dialogue since Trump’s first time period, pushed partially by the UK’s resolution to go away the EU.What’s the large image? Trump has promised tariffs will deliver buying and selling companions to the negotiating desk, resulting in offers that assist the US financial system through higher entry to overseas markets. And administration officers portrayed in the present day’s deal as proof that technique is working. That’s not fully unsuitable: Whereas the 2 international locations had been already shifting in that route, the tariffs seemingly gave the UK added incentive to barter.However the advantages US exporters would win below this settlement need to be weighed in opposition to the prices: US customers are nonetheless paying greater taxes on UK items than they had been earlier than Trump’s tariffs — and better taxes on items from in all places else on this planet as nicely.And with that, it’s time to sign off…Talking of the UK, right here’s a enjoyable (and fairly quick) article about how a British city turned a discarded couch right into a efficiency artwork piece. Thanks a lot for studying. Andrew Prokop is holding down the fort Friday, and I’ll see you again right here Monday.