Politics

The UK trades with the EU far more than the US

Dreams of a “Brexit bonus” have been dashed after Liz Truss admitted today (20 September) that a trade deal between the UK and the US would not be achieved for years. “There aren’t currently any negotiations taking place with the US and I don’t have any expectations that those are going to start in the short to medium term,” Truss told reporters as she travelled to New York for her first foreign trip as Prime Minister.

A free trade deal with the US was touted as one of the biggest benefits of Brexit for the UK; it was supposed to be the main substitute for reduced trade with the EU. The latest trade statistics published by HM Revenue and Customs (HMRC), however, reveal that trade with the US pales in comparison to that with EU countries. In July exports to the US totalled £4bn, compared with £17.4bn to the EU.

 

Exports to the EU made up 47.1 per cent of the UK’s total trade in July. The trade data from HMRC also shows the UK’s exports to the EU rose by 4.4 per cent compared with the previous month, and by 30 per cent when compared to July 2021.

Truss has said that the UK will focus on joining the trans-Pacific trading partnership and establishing new trade deals with India and countries in the Gulf region. Exports to the United Arab Emirates in July this year doubled from the previous month and almost tripled when compared to the same period last year.

[See also: Liz Truss faces a frosty reception at the UN] 

 

Select and enter your email address

Morning Call



Quick and essential guide to domestic and global politics from the New Statesman’s politics team.

The Crash



A weekly newsletter helping you fit together the pieces of the global economic slowdown.

World Review



The New Statesman’s global affairs newsletter, every Monday and Friday.

The New Statesman Daily



The best of the New Statesman, delivered to your inbox every weekday morning.

Green Times



The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises – in your inbox every Thursday.

The Culture Edit



Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday.

Weekly Highlights



A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday.

Ideas and Letters



A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history – sent every Wednesday.

Events and Offers



Sign up to receive information regarding NS events, subscription offers & product updates.






  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health – Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management – Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services



Content from our partners

Why the banking “arms race” is a fight for the best people

Why HS2 is vital for delivering economic change

Consistency is the key to building a healthier nation



Source link

Leave a Reply

Your email address will not be published.