The DOW Jones Industrial Average surged by more than 600 points on the news that President Donald Trump had secured a trade deal with the United Kingdom.

“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come. Because of our long-time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!” the president said on Truth Social hours before the deal was officially announced.

He was joined via speakerphone by the British Prime Minister Keir Starmer on Thursday.

“With this deal the UK joins the United States in affirming that reciprocity and fairness is an essential and vital principle of international trade. The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all the products created by our great farmers,” the president said.

“In addition the UK will eliminate or reduce numerous non-tariff barriers that unfairly discriminate against American products, but I think this is turning out to be a great deal for both countries as it will be really great for the UK also. They are opening up, their country is a little closed, and we appreciate that,” he said before Starmer spoke.

Starmer said that the agreement is going to “boost trade between and across out countries, it is not only going to protect jobs but create jobs, opening market access.”

President Trump said that it was a “historic step” of bringing the United Kingdom into an “economic security alignment… the first of its kind”.

“We feel very, very comfortable with that because it’s been a great ally, truly one of our great allies… both countries have agreed that economic security is national security, and will be working together as allies to ensure we have a strong industrial base, appropriate export controls, and protections for key technologies and industries,” he said.