Dr Karen Jackson, Assistant Head of School at Westminster Business School, co-wrote an article with Dr Oleksandr Shepotylo from Aston University for The Conversation about what to expect from US-UK trade talks and what each side wants.
In the article, they outlined what both the US and the UK were looking for in a trade deal. They wrote: “The US is already the UK’s biggest destination of goods, sending 13% of its exports there in 2018. The UK wants better access for these US-bound exports, particularly food and agricultural products, though those only account for 5% of its US exports overall.”
They added: “The US already has lower tariffs than the UK for most categories of goods, so it would expect more concessions from the UK side in this regard. For instance, US tariffs on imported cars are 2.5%, while UK tariffs are 10%.”
Discussing their research on the subject, they wrote: “We show in our research that even if the UK manages to secure preferential trade agreements with the US and the Commonwealth countries combined, it will not offset the negative impact of Brexit. Because the EU is the UK’s biggest trade partner, the UK will benefit the most from securing a full free trade deal with the EU.”