New trade minister says UK can secure US deal by 2024, but Truss says it's not 'be all and end all'

Tue 5 Oct 2021
Posted by: William Barns-Graham
Trade News

uk us trade

Britain could strike a trade deal with the US before the next general election, according to new trade minister Anne-Marie Trevelyan.

Trevelyan said securing a deal by 2024 was “realistic”, reports the Sun.

“There’s a huge amount we can do while we work towards a comprehensive trade deal,” she said.

A deal would boost the economy by an estimated £3.4 billion, creating opportunities for British exporters and making US goods cheaper.

Truss' realism

Trevelyan’s message comes after her predecessor Liz Truss said a deal with the US was not the “be all and end all” and that it could take 10 years, reports iNews. 

Truss told a fringe event at the Conservative Party conference: “My message to the Americans is ‘we’re ready when you are ready’ but there’s a whole world out there, there are lots of fast-growing parts of the world who want to do business with Britain and there’s a full pipeline of trade deals we are negotiating.”

USTR meeting

Trevelyan met US Trade Representative Katherine Tai virtually a few days after being appointed by Boris Johnson, reports Reuters.

The two agreed to continue US-UK discussions aimed at addressing the market-distorting practices of China and other non-market economies.

'Build Back Better'

According to the US government readout of the meeting, they discussed the ongoing review of the US–UK free trade agreement negotiations to evaluate how a potential agreement could support the Biden-Harris Administration’s ‘Build Back Better’ agenda.

Tai also raised Biden’s strong support for preserving the Good Friday Agreement and the importance of finding a durable solution to implementing the Northern Ireland Protocol.

Steel and aluminium

In June, the UK and US agreed to suspend retaliatory tariffs in the aftermath of the resolution of the Airbus-Boeing deal.

However, UK steel and aluminium exports to the US still face tariffs of 25% and 10% respectively.

The UK is currently reviewing responses to a consultation from the summer on what measures it should put in place in response to the US’s duties.