It's a bunch of individual investments by large tech firms, going both ways. It wouldn't ordinarily require a government intervention, but both governments are in need of a win right now. (Brexit has limited the UK's access to Europe, and the US needs to show that the tariffs give it leverage.)

These are all fine, and some things might even actually happen. (Deals like these tend to diminish as you get closer to money actually changing hands.) International cooperation is good. It's just a little weird that it had to happen between two countries who have been explicitly rejecting international cooperation.