The United States is settling for a tiny fraction of what it could have achieved through traditional free-trade agreements.

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 president said he’s reached a “conclusive” and “comprehensive” trade deal with the U.K. Reality suggests otherwise.