With the promise of Brexit becoming a reality, and the new PM actually lighting a fire under the hitherto somnambulant ‘workers’ of Whitehall of whom the majority are probably ‘remainers’, because it will mean less work for them, the possibility of a free trade deal with the USA is now a distinct possibility.
The United Kingdom unfortunately has no recent independent experience of its own negotiating FTAs, having relinquished that power over trade policy to the European Union some years ago. As the United Kingdom prepares to regain its decision making policy very shortly the government has many issues to consider, including whether it wishes to pursue free trade agreements and, if so, with whom, how quickly, how deeply, and how exclusively.
What will this form take, how might it galvanise and energise the UK industry. The US is presently the UK’s largest export market for machinery and material manufactures, chemicals, fuels, food and crude materials.
It is the 2nd largest source of imports, these being machinery including computers: US$87 billion and 12.9% of total imports, Vehicles: $75.1 billion 11.2%, electrical machinery, equipment: $69 billion 10.3%, mineral fuels including oil: $66.9 billion 9.9%, gems, precious metals: $40.2 billion 6% and pharmaceuticals: $30.3 billion 4.5%.
The possibility had already been discussed by Trump and May and some figures from that came out.
UK-US trading and investment: a special relationship
With the change of PM, change of gears and a more determined drive towards actually leaving the EU instead of preparing to be friendly and trying to achieve the best for both parties, the EU tone has become even more belligerent with Macron in full ‘you will be punished’ mode.
Trump in direct contrast to Obama has invited us to the head rather than the back of the line. A refreshing change to both him and the attitude and posture the EU has taken from the word go.
Brexit revelation: How EU admitted it wanted to punish Britain – ‘We want to shoot!’
and...still does.
Since it seems that they are already major trading partners a good agreement given the present good will on both sides could be good for both. Suggestions are already being made.
An “Ideal” US-UK Free Trade Agreement | IFT
The United Kingdom unfortunately has no recent independent experience of its own negotiating FTAs, having relinquished that power over trade policy to the European Union some years ago. As the United Kingdom prepares to regain its decision making policy very shortly the government has many issues to consider, including whether it wishes to pursue free trade agreements and, if so, with whom, how quickly, how deeply, and how exclusively.
What will this form take, how might it galvanise and energise the UK industry. The US is presently the UK’s largest export market for machinery and material manufactures, chemicals, fuels, food and crude materials.
It is the 2nd largest source of imports, these being machinery including computers: US$87 billion and 12.9% of total imports, Vehicles: $75.1 billion 11.2%, electrical machinery, equipment: $69 billion 10.3%, mineral fuels including oil: $66.9 billion 9.9%, gems, precious metals: $40.2 billion 6% and pharmaceuticals: $30.3 billion 4.5%.
The possibility had already been discussed by Trump and May and some figures from that came out.
UK-US trading and investment: a special relationship
With the change of PM, change of gears and a more determined drive towards actually leaving the EU instead of preparing to be friendly and trying to achieve the best for both parties, the EU tone has become even more belligerent with Macron in full ‘you will be punished’ mode.
Trump in direct contrast to Obama has invited us to the head rather than the back of the line. A refreshing change to both him and the attitude and posture the EU has taken from the word go.
Brexit revelation: How EU admitted it wanted to punish Britain – ‘We want to shoot!’
and...still does.
Since it seems that they are already major trading partners a good agreement given the present good will on both sides could be good for both. Suggestions are already being made.
An “Ideal” US-UK Free Trade Agreement | IFT
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