US Secretary of Commerce Wilbur Ross is in London meeting with Dr. Liam Fox, International Trade Secretary. The duo met as part of an ongoing discussion to boost trade ties between the two countries in advance of the looming Brexit.
According to a report by the Department of International Trade (DIT), Dr. Fox and Ross discussed the importance of “long-term, stable, reciprocal economic investment and how this underpins broader stability.” The US is in the midst of an ongoing trade battle that has been largely focused on China but has impacted trade relations with multiple countries. The current administration under the leadership of President Trump, has messaged a greater interest in bi-lateral arrangements instead of multi-lateral agreements that are interpreted as diluting the US’s interest and overall global clout.
Dr. Fox apparently expressed “a need for a swift resolution to securing product exemptions for UK businesses affected by the recent US tariffs.” The two officials were said to have reviewed areas where trade may be strengthened.
If the European Commission ends up forcing a hard Brexit, you can count on a new special relationship between the UK and the US that may define trade agreements in the coming years. Sign up or be cut out. Ross has earned the confidence of President Trump and you can bet an agreement will already be in the works.
This weeks conversation was scheduled ahead of the next meeting of the UK-US trade and investment working group later this summer.