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While Chancellor Rachel Reeves meets her counterpart, US Treasury Secretary Scott Beesant confirms a discussion of an “economic agreement” between the two countries, and the latest commercial figures confirmed three facts that must form negotiations.
The first is that the United States is still a vital customer for companies in the UK, the largest mono -export market for British goods and the third largest import partner, which is important for the UK auto industry, which has already fell with a 25 % tariff, and drug preparations, which may be so far.
In 2024, the United States was the largest export market in the UK Motors, worth 9 billion pounds of companies including Jaguar Land Rover, Bentley and Aston Martin, and represents more than 27 % of UK car exports.
No wonder that the local industry fears the heavy and immediate impact on sales and jobs Definitions It remains.
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In contrast, US car exports to the UK are equal to only one billion pounds, which may explain why the advisor is ready to reduce the current tariff from 10 % to 2.5 %.
For drugs and pharmaceutical producers in the UK, the United States was more than 6 billion pounds in 2024. Currently, the definitions are currently exempt, while Mr. Trump and his advisers are considering how to treat the industry that he has long made at high prices, is still at risk.
The second point is that the United States is more important to the service industry. The value of British exports to consulting, public relations, financial services and other professional services to America reached 131 billion pounds last year.
This is more than twice the total value of the goods circulating in the same direction, but the largest services are much more difficult through the explicit tool for definitions, although they are not immune from the organization and other “non -carrier barriers”.
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The third point is that if Donald Trump sticks primarily the first logical definitions, the UK’s exporters should not face one fils of the additional cost to do business with the United States.
The president says that he slapped the comprehensive definitions of every nation from Russia to “restore balance” to the American economy and reflect the “deficit” in the trade of goods – where the United States reaches more than its export to a specific country.
This disputed argument may apply to Mexico, Canada, China and many other manufacturing countries, but it does not apply useful to Britain.
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The National Statistics Office figures indicate that the United States is running a small deficit in merchandise trade with the United Kingdom in 2024 at a value of 2.2 billion pounds, which imports 59.3 billion pounds of goods for exports of 57.1 billion pounds.
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Add to the service trade, as the United Kingdom exports more than twice the United States, and the UK surplus – and thus the “deficit” in the United States – enlarges nearly 78 billion pounds.
This may be a problem without the US accounts for commodity and services trade with Britain, which it says actually appears a $ 15 billion surplus (11.8 billion pounds) with the United Kingdom.
You may think that both can not be right, but ONS does not agree. It causes contrast to the way the US Economic Analysis Office explains, as well as a set of statistical assumptions.
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“The presence of the inconsistency of trade does not indicate that any of the two countries is inaccurate in their appreciation,” said ONS.
This may be encouraging if Mr. Trump did not ignore his own arguments and the UK landed, like anyone else in the world, with a 10 % tariff for all goods.
Trade agreements are very complicated, long -term affairs, which help to clarify why nine years later, the United Kingdom has not obtained one with the United States, and Britain’s exit from the European Union with the European Union against the deadline imposed it.
