FLASH: Calling for “fair, balanced, and reciprocal trade with the UK” and “state of the art rules” to achieve it, the US Trade Representative has published an 18-page document of negotiating objectives for the forthcoming UK-U.S. trade deal both nations hope to strike if Britain finally leaves the EU.
The new document, from President Trump’s Trade Representative Robert Lighthizer’s department, comes just weeks after President Trump said he was looking forward to “substantially increased” trade between the United Kingdom and the United States with the signing of a new trade deal.
US Ambassador to the Court of St. James, ‘Woody’ Johnson has repeatedly joined the President’s calls to get a deal sorted out between the 2 countries.
The UK is not presently able to sign trade deals because it is a member of the EU.
Regardless, Britain is theoretically set to depart the EU on the legally mandated date of 29 March 2019 and looking forward to enjoying greater freedom on international trade policy after BREXIT, with the US document noting the “new opportunities” it would create.
Highlighting the importance of trade between the 2 countries even now under the EU’s tariff regime, the document notes: “As the 1st and 5th biggest global economies, the US economic relationship with the UK is 1 of the largest and most complex in the world, with annual 2-way trade totaling more than $230-B. Despite this significant trade volume, multiple tariff and non-tariff barriers have challenged US exporters in Key sectors while the UK has been a Member State of the EU…”
UK-US deal promises good news for small and medium-sized companies on both sides of the Atlantic as the lucrative US market opens up to British businesses.
The document said US negotiators would work to “help small businesses navigate requirements for exporting to each other’s market… and for SMEs to benefit from new commercial opportunities.”
Prominent Brexiteer Jacob Rees-Mogg welcomes the development. He said Friday: “It is a positive 1st step, freer trade with the US would be good for UK consumers as it would open markets to greater competition.
“It is encouraging that the US wants to move quickly and has made the 1st move before we have left.”