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US Vice-President Optimistic About UK Trade Deal Amid Global Trade Turbulence
US Vice-President JD Vance expressed optimism regarding the potential for a trade agreement with the United Kingdom, stating that there is a “good chance” a deal could soon be finalized. This comment comes as the repercussions of recent global trade policy changes continue to unfold.
In a recent interview with the UnHerd website, Vance noted that his administration is collaborating closely with the government led by Keir Starmer to facilitate this trade agreement.
The global stock markets have experienced significant instability since April 2, following President Donald Trump’s announcement of extensive tariffs affecting nearly all trading nations.
This unprecedented shift in US trade policy included a 10% “baseline” tariff on imports from countries such as the UK and France, who have traditionally maintained strong economic relations with the United States.
Sources within the UK government reveal that discussions with US officials are progressing positively, suggesting that any forthcoming trade deal will not be limited to tariff reductions but will also encompass various aspects of trade in goods and services.
Vance emphasized in his interview that negotiating a trade deal with the UK may prove simpler than similar endeavors with other European nations, highlighting the “much more reciprocal relationship” between the two countries. He cited Germany as an example, citing its significant exports to the US while maintaining stringent regulations on American goods.
After the announcement of “Liberation Day” tariffs, stock markets around the world experienced a downturn, resulting in a loss of trillions of dollars in market value within a short period. However, following some exemptions introduced by the President, there are indications of market recovery, although overall performance remains below previous levels for the month.
Vance indicated that the introduction of any new economic system is likely to cause fluctuations in the financial markets, reaffirming the administration’s commitment to a tariff strategy as a long-term objective. “What we want is to see lower trade deficits, really across the board,” he stated.
The Vice-President also took the opportunity to address his views on Europe following recent leaks of private remarks that had caused some controversy among US officials. He expressed his appreciation for European people and highlighted the intertwined cultural ties between the United States and Europe. “You can’t separate American culture from European culture,” he remarked.
Moreover, Vance underscored the necessity for Europe to enhance its own defense capabilities. He stated that it is neither beneficial for Europe nor the United States for Europe to perpetually rely on American security guarantees.
Turning to international issues, Vance discussed the ongoing conflict in Ukraine and the perceptions surrounding US relations with Russian President Vladimir Putin. He reiterated that understanding both sides’ perspectives is crucial for resolving the war, while clearly distancing the administration’s stance from any moral support for the Russian invasion.
“That doesn’t mean you morally support the Russian cause, or that you support the full-scale invasion,” he clarified. Instead, he emphasized the importance of recognizing each side’s strategic interests in the conflict.
On a recent note, Ukraine faced its deadliest attacks from Russia this year, leading to the deaths of at least 35 individuals. In light of these developments, Ukrainian President Volodymyr Zelensky extended an invitation to Trump to visit Ukraine before any negotiations with Russia take place.
Source
www.bbc.com