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US-UK Trade Deal Talks Gain Momentum
During a recent joint press conference with UK Prime Minister Sir Keir Starmer, President Donald Trump indicated that a trade agreement between the United States and the United Kingdom could materialize “very quickly.” This optimistic outlook comes as Sir Keir visits the White House to discuss the future of economic relations between the two nations.
Trump expressed hope for a “real trade deal” that could spare the UK from the tariffs he has previously threatened to impose on various trading partners. This includes a potential 25% tariff on goods from the European Union, which would substantially impact transatlantic trade.
In his remarks, Sir Keir emphasized the importance of focusing on new economic opportunities, particularly in the field of artificial intelligence. “Instead of over-regulating these new technologies, we’re seizing the opportunities that they offer,” he stated, signaling a shift toward embracing innovation rather than hindering it with excessive regulations.
The backdrop to these discussions includes Trump’s ongoing threats of tariffs on allies, which could have significant consequences for British exports. Notably, he has enacted a 25% tax on all steel and aluminum entering the US, a move that could adversely affect UK industries.
When asked about whether he attempted to persuade Trump against such tariffs, Sir Keir acknowledged his efforts. Trump noted, “He tried,” commending the UK leader for his diligence in these negotiations. He added, “I think there’s a very good chance that in the case of these two great, friendly countries, I think we could very well end up with a real trade deal where the tariffs wouldn’t be necessary. We’ll see.”
Sir Keir also reiterated his belief that the US-UK trade relationship is “fair, balanced and reciprocal,” a crucial point as both leaders aim to lay the groundwork for a fruitful economic partnership moving forward.
The quest for a comprehensive trade deal has been a longstanding objective for British leaders since the UK’s departure from the European Union, with hopes that a new agreement could bolster the economic landscape for both countries.
In the past, Trump had stated that negotiations for a “very substantial” trade deal were progressing. However, talks have been challenging, with issues such as US agricultural exports and UK taxation policies for tech companies contributing to delays in reaching an agreement. As both nations work to iron out these difficulties, there remains optimism for a positive outcome that could enhance bilateral trade relations.
Source
www.bbc.com