BUSINESS
U.S. and UK working on trade deal
July 29, 2019 - U.S. President Donald Trump has said talks about a “very substantial” trade deal with the UK are underway, which could lead to a “three to four, five times” increase in trade.
U.S. trade in goods and services with the United Kingdom totalled $262.3 billion in 2018, according to the Office of the United States Trade Representative. The U.S. goods trade surplus with the UK amounted to $5.4 billion.
By comparison, bilateral trade with the European Union -- the UK’s largest trading partner -- reached $721.6bn over the same period, handing the UK a trade surplus of some $72bn.
Trump’s three-fold rise in U.S.-UK business would amount to bilateral trade of $787bn -- $60bn more than current EU commerce. British Prime Minister Boris Johnson would have a powerful negotiating card in his Brexit dealings with the European Commission.