The United States and the United Kingdom will begin negotiating a trade agreement Tuesday aimed at reinvigorating the countries' coronavirus-slammed economies.
“More trade between the U.K. and U.S. is essential if we are to overcome the unprecedented economic challenge posed by coronavirus,” Truss said in the note.
“As we start trade talks with the U.S., we want to strike an ambitious deal that opens up new opportunities for our businesses, brings in more investment and creates better jobs for people across the whole of the U.K. We are seeking an agreement that works for the small businesses and entrepreneurs who are suffering most in this difficult period, and provides vital support to the long-term health of the economy.”
The call, which will draw on expertise from the government and private sector, comes after the UK published its objectives for the negotiations in March, which outlined an initial assessment of the long-term bilateral trade between the two countries.
“Securing a U.K.-U.S. free trade agreement can pave the way for stronger economies, and create the potential for better jobs, higher wages, more choice and lower prices for citizens in both our countries,” said U.K. Ambassador to the U.S. Dame Karen Pierce.
U.K. officials said they will drive a “hard bargain” to lower tariffs on exports, according to the BBC. The U.K. government forecasts eliminating tariffs and reducing other trade barriers with the U.S. could boost the economy by between 0.07 percent and 0.16 percent in the next five years. Critics, however, argue improved terms with the U.S. won’t compensate for the U.K.'s Brexit-induced economically distant relationship with the European Union.
