Britain hasn’t agreed a trade deal with the US – it’s ended a hostage negotiation | Gaby Hinsliff

The terms agreed between London and Washington could save thousands of jobs, which isn’t to be sniffed at.

It will take time to unravel what this deal means for the May summit at which Britain is aiming for a bigger and more mutually beneficial “reset” deal with the EU , but getting something across the line now does at least.

The financial markets should rally, because Trump doing deals is at least better than doling out arbitrary economic punishment.

Some will want to see in it a return to normal, after a burst of almost strategic craziness.

But normal is a trade deal like the one Britain just did with India , a win-win exercise that doesn’t leave everyone around the table seemingly terrified of not being seen to laugh hard enough at the president’s jokes.