The U.S. has a $12 billion trade surplus with the United Kingdom, meaning it already exports more than it imports. Meanwhile, the baseline 10% tariff Trump announced April 2 will remain in effect for most U.K. imports, which could lead to higher prices for consumers.

The Trump administration announced the framework of a trade agreement with the UK. More negotiations need to take place to hammer out details, but CNN’s Vanessa Yurkevich breaks down what we do know about the deal.