Wednesday June 23, 2021

UK begins transatlantic trade talks with Washington

Nov 02, 2020
2 min read
UK begins transatlantic trade talks with Washington

After England shocked the world and chose to exit the European Union (EU), the country is beginning to negotiate trade agreements with different partners.

Trade Negotiations between the US and the UK

The negotiations between the US and the UK government started during the middle of the pandemic. The first round of talks took place over a fortnight and involved approximately 100 officials from each country. Daniel Mullaney, the assistant US trade representative for Europe and the Middle East, led the US team, and Oliver Griffiths, a senior official at the Department of International Trade, led the UK team. Subsequent negotiations are expected to take place every six weeks.

The UK government is keen on increasing access to its financial industry for the vast American market. The US is the UK's largest single nation trading partner, with the EU being its largest trading partner overall.The UK is hoping to gain between 0.07% and 0.16% of economic growth over the next 15 years by eliminating tariffs and reducing other trade barriers.

Exports News

The first round of talks discussed trading in goods and services, digital trade, two-way investment, and support for small and medium-sized businesses (SMEs). The UK is particularly keen on opening up more opportunities for British car manufacturers, ceramics makers, and producers of products like cheddar cheese. The US government, on the other hand, wants better access for its farmers. However, both the Labour Party and consumer groups are wary of US farming goods because it would mean lowering their food standards. They believe certain US foods are chlorinated and sprayed with other disinfectants, threatening the UK's food policies.

Both the UK and the US are liberal economies, so there are not many taxes or barriers to lower. Although there aren't many economic benefits expected from the trade deal, there is still a lot to gain politically for both the UK Prime Minister Boris Johnson and the US President Donald Trump. Although both leaders promised to garner better trade deals for their citizens, fulfilling that promise seems to be getting harder and harder.

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