THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
Britain could strike a trade deal with the US before the next general election, according to new trade minister Anne-Marie Trevelyan.
Trevelyan said securing a deal by 2024 was “realistic”, reported the Sun.
“There’s a huge amount we can do while we work towards a comprehensive trade deal,” she said.
A deal would boost the economy by an estimated £3.4 billion, creating opportunities for British exporters and making US goods cheaper.
Trevelyan’s message comes after her predecessor Liz Truss said a deal with the US was not the “be all and end all” and that it could take 10 years, reported iNews.
Truss told a fringe event at the Conservative Party conference: “My message to the Americans is ‘we’re ready when you are ready’ but there’s a whole world out there, there are lots of fast-growing parts of the world who want to do business with Britain and there’s a full pipeline of trade deals we are negotiating.”
Trevelyan met US Trade Representative Katherine Tai virtually a few days after being appointed by Boris Johnson, reports Reuters.
The two agreed to continue US-UK discussions aimed at addressing the market-distorting practices of China and other non-market economies.
According to the US government readout of the meeting, they discussed the ongoing review of the US–UK free trade agreement negotiations to evaluate how a potential agreement could support the Biden-Harris Administration’s ‘Build Back Better’ agenda.
Tai also raised Biden’s strong support for preserving the Good Friday Agreement and the importance of finding a durable solution to implementing the Northern Ireland Protocol.
In June, the UK and US agreed to suspend retaliatory tariffs in the aftermath of the resolution of the Airbus-Boeing deal.
However, UK steel and aluminium exports to the US still face tariffs of 25% and 10% respectively.
The UK is currently reviewing responses to a consultation from the summer on what measures it should put in place in response to the US’s duties.
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