According to Jin Shi Data, Fox Business News reporter Charles Gasparino stated that tensions between India and Pakistan have slowed down the trade agreement between the US and India, while the UK agreement is advancing first. Negotiations involving South Korea and Japan are also moving forward.
This also explains why Powell did not lower interest rates. If a 10% tariff clause is retained in the trade agreement with the UK, the economic consequences in the short term are likely unavoidable, especially regarding inflation pressures. Imposing a 10% tariff on the UK means that the tax rate on countries with a trade deficit with the US could be even higher.