US-UK to Speed Up Negotiations Towards a Free Trade Agreement - Forex News by FX Leaders
US-UK to Speed Up Negotiations Towards a Free Trade Agreement

US-UK to Speed Up Negotiations Towards a Free Trade Agreement

Posted Wednesday, May 6, 2020 by
Arslan Butt • 1 min read

The next round of formal discussions between the US and UK towards finalizing a post-Brexit trade agreement are officially underway, with both countries pledging to work out a beneficial deal soon. The key focus would be to work out on agreement that helps both nations overcome the economic impact of the coronavirus pandemic.

According to an official statement put out by US Trade Representative Robert Lighthizer and UK Trade Minister Liz Truss, over 300 officials across almost 30 groups from both the US and UK will conduct virtual meetings towards resolving key concerns and working out the details of the agreement. Both countries are keen on a free trade agreement and have committed to fast track discussions in the wake of the ongoing crisis.

The joint statement announcing the commencement of trade negotiations states, “A Free Trade Agreement would contribute to the long-term health of our economies, which is vitally important as we recover from the challenges posed by Covid-19.”

Both countries have also expressed interest to moving their supply chains out of China as a result of the coronavirus pandemic. The US is likely to push Britain to remove tariffs on agricultural goods and cut down tariffs on American manufactured products, while Britain would like the US to remove the tariffs it imposed on Scotch whiskey in the wake of the aircraft subsidies issue with the EU.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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