Bloomberg UK Politics First Across The Line: Do Starmer's Trade Deals Reset The Narrative?
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May 9, 2025 Crawford Falconer, the former UK's Chief Trade Negotiation Adviser, shares his insights on Keir Starmer's recent trade deals with India and the US. He discusses how these agreements steer the UK's post-Brexit narrative and their potential economic impacts. Falconer delves into tariff reductions in the auto sector and the intricacies of navigating future negotiations. The conversation also highlights the UK's revitalized role in global trade and its implications for relationships with the EU and China.
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UK-India Trade Deal Strategic Win
- The UK-India trade deal is a genuine agreement covering goods and services with big future growth potential.
- It marks a strategic success for the UK by partnering with a rapidly growing economy, though it's not yet perfect.
UK-US Deal a Surgical Strike
- The UK-US deal is a limited "surgical strike" focused on easing pain in the auto sector rather than a full trade agreement.
- There are hints of intentions for a larger deal in the future, but uncertain communication leaves room for doubt.
UK Trade Position Post-Tariff Day
- The UK is better off with the recent tariff reliefs than after April's tariff impositions but still worse than before Trump took office.
- Avoiding damage to the UK auto sector by easing tariffs is an important short-term gain amidst ongoing negotiations.