The main diplomatic victory here is that it opens the UK to make full EU agreements such as food standards.

Economically, this U.S. deal is relatively small, although important for very specific sectors.

It evaded some of the trade damage Trump initially announced, especially the automotive industry. An insider told me that the transfer from 27.5% to 10% would effectively save UK auto exporters more than £1bn in the industry, rather than a "threat" to the industry.

Although it no longer exists, it is still painful. It is unclear how the quota works, how foreign parts (such as Chinese batteries) can be considered, and it is limited to 100,000 cars. For example, JLR heralds new new jaguars, such as launching in the United States, hoping to increase this number.

The other side of this is that the agricultural access in the United States, such as beef, also requires quotas. Other things are striking because of their absence. Digital Service Tax or U.S. cars are not moving.

However, the biggest single decision is that even if the UK buys more so-called reciprocity tariffs from the US than the contrary, even if the UK buys more of the so-called reciprocity tariffs from the US, the fact that 10% can be retained. This confirms that tariffs are not negotiable to any agency and may have broader consequences.

Commerce Secretary Howard Lutnick's White House slideshow seems to point to a rather one-sided "deal" with Britain providing "unprecedented access" to the United States in order to save its auto industry.

The U.S. triple tariffs on the UK from 3.4% to 10%, and the U.K. tariffs were reduced from 5.1% to 1.8%. It doesn't seem very "reciprocal".

There is an important "but". The UK and the US view these numbers through very different lenses.

From the perspective of the United States, the tariff rate is tax on foreigners and "wins" income for the US Treasury Department. From a UK perspective, tariffs are taxes on domestic consumers, which increases inflation, so lower values ​​are good in themselves.

At the Bank of England, the lack of retaliation and acceptance of transfer goods from Asia is that inflation is now rising more gently, which has lowered interest rates today.

Gov. Andrew Bailey told me he hopes the deal will mark many of the first deals that will calm global trade tensions.

The real victory may be that this agreement on tariffs will keep the United States sweet while allowing a substantial agreement with the EU.

This may be even more economically important for Britain’s largest trading partner. By maintaining UK food standards rather than hormonal treatment beef or chlorinated chicken, similar "full fat" food and farm export transactions are now apparently in the next two weeks. This can cut the Brexit Traditional Tape Festival for key exporters in two ways.

Then you will have a general description of economic growth, with the United States, the EU, India and soon the Gulf, trade relations are good and interest rates are also cut.

After years of turmoil, the government will try to see Britain as an oasis of trade and political stability in a turbulent world. It's a world away from negative emotions that are recession at the beginning of the year, and it may just be working.