Downing Street insists the $40bn Tech Prosperity Deal between the US and UK that is on hold is not permanently stalled. “We look forward to resuming work on this partnership as quickly as possible,” a Downing Street spokesperson said in a statement. The Trump administration threatened European tech firms on Tuesday with economic penalties if the EU refused to roll back what it called “discriminatory actions”. The Trade Representative’s office said in a post on Twitter/X that these companies could face fees and restrictions on foreign services. The EU has proven much more willing than the US to regulate, investigate and penalize tech giants, a point of contention with the Trump administration.

Source: The Times December 18, 2025 00:51 UTC