US announces $1.7 billion investment in Britain ahead of President Trump's visit

US financial companies have announced investments totalling £1.25 billion ($1.7 billion) in Britain ahead of US President Donald Trump's state visit there next week, PI Media and DPA reported.

"Citi Group" confirmed it would invest £1.1 billion in its UK operations, while "S"P Global" will invest £4 million in its Manchester offices.

"PayPal" confirmed a £150 million investment in product innovation and growth, and "Bank of America" Bank of America to create up to 1,000 new jobs in Belfast in its first operation in Northern Ireland.

Along with the announcements of new investments, the companies have pledged to boost trade between the US and the UK in the coming years.

"Blackrock" is investing £7bn in the UK market over five years, while "Rothesay" plans to double its investment in the US by a further £7bn over the coming years.

Tech giants "OpenAI" and "Nvidia" are set to announce billions of dollars in data centre investments in the UK during the US president's visit next week.

The head of "OpenAI" is expected to Sam Altman and Nvidia CEO Jensen Huang are set to be part of the business delegation accompanying Trump.

The US president's two-day visit begins on Wednesday and includes an overnight stay at Windsor Castle.

The visit comes amid uncertainty over future tariffs on British steel. In June, Britain and the US signed a trade deal that reduced tariffs on US car and aerospace imports. However, no deal was reached on British steel imports, and the steel tariff remained at 25%.

"Our special relationship with the US remains strong. "Thanks to our trade deal, the UK is still the only country to avoid a 50% tariff on steel and aluminium, and we continue to partner on technologies such as artificial intelligence, quantum systems and cybersecurity across our trillion-dollar technology industries," a UK government spokesman said.

"We will work with the US to implement this landmark deal as soon as possible to give industry the certainty it needs, protect vital jobs and put more money in people's pockets through the transformation plan, welcoming the President on this historic state visit," he added.