Can a US-UK Trade Agreement Become a Reality in 2021?

9 Pages Posted: 30 Oct 2020

See all articles by Daniel T. Griswold

Daniel T. Griswold

Mercatus Center at George Mason University

Jack Salmon

George Mason University - Mercatus Center

Date Written: January 28, 2020

Abstract

A US-UK trade agreement would be a major economic policy initiative for both nations. From January through November of 2019, Americans exported $63.6 billion in goods to the United Kingdom, representing 4.2 percent of total US exports. During that same period, Americans imported $57.6 billion in goods from the United Kingdom, or 2.5 percent of total US imports. As a 2018 research paper from the Mercatus Center at George Mason University notes, the United Kingdom is America’s seventh-largest partner in two-way goods trade, the fifth-largest market for US exports, and the leading partner in services trade and foreign direct investment, with more than 1 million Americans working for UK-owned affiliates in the United States. A US-UK agreement would offer both countries the opportunity to lower barriers to trade in important sectors such as motor vehicles, agricultural products, financial services, and digital trade. Recent events in the United Kingdom have brought an agreement closer to reality.

Keywords: Trade, Investment, Liberalization, Free Trade Agreement

Suggested Citation

Griswold, Daniel T. and Salmon, Jack, Can a US-UK Trade Agreement Become a Reality in 2021? (January 28, 2020). Available at SSRN: https://ssrn.com/abstract=3690526 or http://dx.doi.org/10.2139/ssrn.3690526

Daniel T. Griswold

Mercatus Center at George Mason University ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

Jack Salmon (Contact Author)

George Mason University - Mercatus Center ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

HOME PAGE: http://https://www.mercatus.org/people/jack-salmon

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