WASHINGTON (AP) — President Donald Trump has agreed to cut tariffs on British autos, steel and aluminum in a planned trade deal.

But the Republican on Thursday played down the possibility of other nations receiving similarly favorable terms on his import taxes, which are roiling the global economy.

The announcement provides a political victory for U.K. Prime Minister Keir Starmer and a degree of validation for Trump’s claims that his turbulent approach on trade may be able to rebalance the global economy on his preferred terms. Terms of the deal have yet to be completed so it can be signed.

Under the framework agreement, the United Kingdom is to buy more American beef and ethanol and streamline its customs process for goods from the United States. But Trump’s baseline 10% tariffs against British goods are to stay in place, and the Republican president suggested that even higher import taxes would be charged on other countries trying to reach deals with the U.S.

“That’s a low number,” Trump said of the U.K.’s 10% tariff rate, adding that other countries would face higher tariff rates in their deals because the U.S. runs trade deficits with them and “in many cases they didn’t treat us right.”

The U.S. president talked up the framework to reporters in the Oval Office, although the fine print remains in flux.

“In the coming weeks, we’ll have it all very conclusive,” Trump said.

U.K. officials said Trump’s auto tariffs would go from 27.5% to 10% on a quota of 100,000 vehicles and the import taxes on steel and aluminum would go from 25% to zero. Starmer said Britain would preserve its health and safety standards on food products.

The U.K. government also said it would also reduce tariffs on 2,500 U.S. products such as olive oil, wine and sports equipment, bringing down the average tariff rate 1.8%.

Starmer, speaking over the phone to Trump while reporters listened in, stressed the importance of the relationship between the two countries as the anniversary of the Allies’ World War II victory in Europe was being commemorated.

“To be able to announce this great deal, on the same day 80 years forward, almost at the same hour,” Starmer said, “I think is incredibly important and makes this truly historic.”

Starmer spoke to workers at a Jaguar Land Rover plant and promoted the deal, which he said would protect thousands of auto jobs.

He told the workers that “this is just the start,” saying “we are hammering out further details to reduce barriers to trade with the United States.”

While celebrating the planned deal, Trump talked up the U.S. economy’s future despite worrisome signs of a possible slowdown and increase in inflation that could hurt most Americans’ financial well-being and lead to layoffs.