Economic Deal - Business Outrank

The UK and the US are now negotiating for a more slimmed down economic partnership as opposed to the comprehensive free trade agreement that was sought after following Brexit. Unlike Boris Johnson’s initial ambitions which extended from pork pies to shower trays, the current discussions are on technology cooperation and regulatory harmony. Historically, the US has not been very keen on new trade agreements and has not signed a major trade deal since 2011, excluding USMCA. Agriculture and health care are still hotly debated subjects. The US has previously demanded a wider access to the UK market for its agricultural products but the British resistance to the import of products like chlorine washed chicken has posed a challenge to the negotiations. The NHS is another issue of concern because of data sharing and commercial interests, even as UK officials have provided assurances. A more slimmed down economic deal may be one that is more oriented towards technology and, in particular, artificial intelligence. The UK and the US have already shown their alignment by staying out of a European-led declaration on ‘inclusive and sustainable’ AI. The regulation of AI in sync with the US instead of the EU may be an important aspect of the future cooperation. The UK and US could also be competing in defense spending and arms procurement as well given the UK’s new military spending. But the main purpose of this deal is not to create more trade opportunities but to avoid tariffs, especially if there is a second Trump administration. In the end, this economic deal is nothing like the broad trade agreement that was once promised – but it is a strategic shift. As trade patterns are changing around the world, the UK may need the US’s favorable terms more than ever to navigate economic risks.

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