June 21, 2024

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US and UK re-negotiate trade relationship

In its first day of talks with its historic partner to deepen bilateral trade, the United States pledged “concrete steps to improve trade relations” with the United Kingdom.

“I am optimistic and excited about how to improve trade relations between the two countries in the 21st century,” said Catherine Toy Baltimore, US Trade Representative at the historic city and port of Baltimore, Maryland. Tuesday.

Shortly after arriving at the White House, President Joe Biden ended a trade dispute over tariffs imposed on manufacturers Airbus and Boeing.

His administration then began negotiations to end tariffs on British steel and aluminum, a trade problem that has been inherited since the Trump era. Anne-Marie Trevelyn, the British Minister for International Trade, believes there is “positive progress” on this issue.

He added that this would pave the way for a focus on the next stages of relations between the two countries.

Baltimore, however, will not talk about the merits of the Tai and Trevelyan controversy, an unnamed U.S. official said earlier.

On Monday, Tai and Trevelyan said they would discuss a variety of issues, including mitigating disruptions in global supply chains, decorbonizing their economies, promoting digital trade and supporting domestic workers, as well as labor rights. Of great importance.

Recalling that the two countries have deep ties at all levels of society, culture, security, intelligence and economy, Travelian said, “We want to further strengthen trade and investment ties.”

The United States is the largest trading partner of the United Kingdom. And the two countries are intertwined, especially when it comes to trade and foreign direct investment in services.

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In total, their trade represents about $ 263 billion (200 200 billion) a year.

“One million and a half British people work in American companies every day, and more than a million Americans work in British companies every day,” the British minister recalled.

– No immediate agreement –

These talks, which take place on the yet-to-be-defined date, ahead of other talks on “late spring (burial)”, will not lead to a major bilateral trade agreement.

Since the UK’s exit from the European Union, London has negotiated agreements in all fields to enhance its international trade and, in particular, strengthen its ties with the United States.

But while the administration of former President Donald Trump (2017-2021) was ready to draft a new bilateral agreement, the administration of Democrat Joe Biden showed no urgency in starting the negotiation process.

“It is important to remember that (trade) agreements are nothing more than a tool at our disposal,” U.S. officials said anonymously.

Officials argued that some business tools designed “decades ago” were not necessary to meet the global challenges facing nations today.

The talks come at a time when the Russian invasion of Ukraine is wreaking havoc. There will be no announcement of new sanctions against Moscow, although sources said the pages would raise the issue.

“Many of the restrictions apply to other US government ministries,” they explained.

On the contrary, they did not elaborate that the discussions would often “focus” on a number of ways in which we could pursue our common interests against Russia and China.