IoD press release US trade deal shields UK from worst excesses of US protectionism
Responding to the announcement of a UK-US trade deal, Emma Rowland, Trade Policy Advisor at the Institute of Directors, said:
“This deal is a win for the UK. The US is the UK’s largest single trading partner, and this shields some of our key export sectors from the worst excesses of US protectionism. It cements our important economic relationship with the US, and brings some welcome relief to many of the businesses which have been grappling with the increase in tariffs levied by the US in March and April.
“Today’s announcement falls short of the full free trade agreement ministers have been seeking for years. Meanwhile, the 10% tariff still puts the UK at an economic disadvantage in comparison to the pre-tariff environment. However, bringing down tariffs on US imports of British cars, steel and aluminium provides competitive advantages for UK firms. The announcement also gives hope for further collaboration on science and technology.
“Being the first nation with which the US has negotiated a deal is testament to the government’s approach to maintaining good relations with all of the UK’s trading partners. The UK is an open and widely globalised economy – ensuring British businesses have access to markets across the globe is vital for growth.”
