MxM News

Quick Hit:

President Donald Trump on Thursday announced the framework of a new trade agreement between the United States and the United Kingdom, calling it a breakthrough that will eliminate red tape and fast-track American exports.

Key Details:

• President Trump told reporters the UK would be “opening up the country” to American goods, particularly U.S. beef and other agricultural exports.

• Although the current 10% tariff rate on the UK will remain, the agreement offers Britain some flexibility on imports like auto parts and aircraft components while laying the foundation for an “economic security agreement.”

• Trump emphasized that the UK has agreed to speed up the customs process for American products: “There won’t be any red tape—very fast approvals.”

🚨 A GOOD DEAL 🚨

President Trump announces the first breakthrough trade deal between America and the United Kingdom. ⬇️ pic.twitter.com/pesMdQlCMY

— The White House (@WhiteHouse) May 8, 2025

Diving Deeper:

President Donald Trump on Thursday revealed that the United States and the United Kingdom have finalized the framework for a new bilateral trade deal, marking the first formal economic pact since his administration’s imposition of “Liberation Day” tariffs last month. Speaking from the Oval Office, Trump said the deal would ease trade barriers and accelerate customs clearance for American exports, with a particular focus on agricultural products like beef.

“They’ll also be fast-tracking American goods through their customs process, so our exports go to a very, very quick form of approval, and there won’t be any red tape,” Trump said. While a 10% tariff on British goods remains in place, the agreement grants London some relief on imports of automobile and aircraft components and extends an invitation to join a broader “economic security agreement.”

Prime Minister Keir Starmer joined the announcement via speakerphone and praised the negotiating team for their work. “This has been under discussion for weeks,” Starmer said, highlighting the roles of Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer in brokering the deal.

The announcement underscores the growing rapport between Trump and Starmer, who previously met at the White House on February 27th. While the final terms of the deal are still being worked out, the Trump administration has positioned this framework as a significant win in its broader push to restructure global trade in favor of American producers.

MxM News

Quick Hit:

White smoke billowed from the Sistine Chapel chimney on Thursday, signaling the election of a new pope. Shortly thereafter, Cardinal Robert Prevost of the United States was introduced to the world as the first American to lead the Roman Catholic Church.

Key Details:

• Prevost secured the necessary two-thirds support from the 133 voting cardinals in the Vatican conclave.

• The white smoke signaled a successful vote, prompting cheers and chants of “Viva il papa!” from thousands gathered in St. Peter’s Square.

• Shortly afterward, the senior cardinal deacon formally announced Prevost’s election and introduced him on the central balcony of St. Peter’s Basilica.

I announce to you a great joy;
we have a Pope:
The Most Eminent and Most Reverend Lord,
Lord Robert Francis
Cardinal of the Holy Roman Church Prevost
who has taken the name Leo XIV.

Cardinal Protodeacon Dominique Mamberti announces that the Cardinals have elected Cardinal Robert… pic.twitter.com/u3lDDlk1L4

— Vatican News (@VaticanNews) May 8, 2025

Diving Deeper:

Cardinal Robert Prevost made history Thursday as the first American elected pope, following a swift and decisive vote by the College of Cardinals in the Sistine Chapel. The 133 cardinal-electors reached the required supermajority of 89 votes, ending the conclave with the traditional sign: white smoke rising from the chapel chimney.

The crowd in St. Peter’s Square erupted as the smoke appeared, signaling a successful election. Many wept, prayed, and cheered, knowing the announcement of the new pope’s identity would follow shortly.

As is custom, the senior cardinal deacon emerged minutes later to proclaim “Habemus Papam!”—Latin for “We have a pope!” He then revealed the name of Cardinal Robert Prevost and the papal name he had chosen. Prevost soon stepped onto the balcony of St. Peter’s Basilica to greet the world and offer his first blessing as pontiff.

Before his appearance, the newly elected pope prepared in the “Room of Tears,” a small chamber within the Vatican where popes are vested and given a moment to reflect on the enormous weight of their new office.

Prevost’s election marks a turning point for American Catholics and signals a potentially new chapter for the global church. More details on his vision and priorities are expected in the coming days.