UK trade deals 'won't make up for single market loss' says Menon
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During a speech today, Ms Truss insisted a trade deal with the US remains a big opportunity for both countries. Indeed, Ms Truss claimed the UK and US have already broken essential ground by “de-escalating” the tariff war over Airbus and Boeing. Asked when a deal may be struck, Ms Truss emphatically claimed the UK is prepared to negotiate when the US is ready.
Speaking at the event hosted by Policy Exchange, Ms Truss said: “On the US, we’ve already had success de-escalating the Airbus-Boeing tariff war.
“We have also got the tariffs removed on products such as whisky, which was very important.
“We are working together on how we defend key industries against unfair practices.”
She added: “The UK is ready to negotiate when of course the US is.
“We have lost of opportunities on the go and we are using our negotiating capacity but of course the US is a big opportunity when they are ready to negotiate.”
The UK suspended tariffs on Boeing parts in line with the EU in January.
In 2019, the World Trade Organisation ruled the EU had illegally provided support to Airbus.
The US responded with tariffs worth up to £5.4billion in annual trade.
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The EU responded with tariffs on US Boeing parts worth up to £2.8billion.
Tariffs will be suspended for a period of five years while barriers on Scotch whisky have also been lifted.
The industry had been hit with 25 percent tariffs on single malt whisky which is estimated to have cost the industry £600million in exports.
A joint statement read by the US and UK teams said: “The United States and the United Kingdom today reached an understanding to resolve a long-standing trade irritant relating to large civil aircraft.
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“This development strengthens our special relationship and builds on the revitalized Atlantic Charter, which affirms our ongoing commitment to sustaining and defending our enduring values against new and old challenges.”
Despite Ms Truss’ comments, earlier this year US Secretary of State Anthony Blinken ruled out any trade deal in the near future.
He told the BBC: “Our trade negotiator just got on the job, so she’s taking the time to go back and review everything that was discussed and that’s going to take some time.
“We want to make sure that, whether it’s with the United Kingdom or anyone else, any agreements reached are consistent with the principles that President Biden has established to focus on making sure that these agreements really advance the wellbeing of our workers and their families. That’s our focus.”
Due to the pandemic, Mr Biden has previously pledged his desire to focus on domestic issues before agreeing a deal with the US.
With Donald Trump at the helm, the UK had hoped to press ahead in agreeing a deal due to his support for Brexit.
However, with Mr Biden’s introduction and considering his own thoughts on the UK’s exit from the EU, it is unclear when any deal may be agreed.
The UK had hoped to use the US Congress’s trade promotion authority to fast-track a deal earlier this year.
However, the two sides missed the July 1 deadline thus delaying talks.
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