Coffee House Shots What could a US-UK trade deal look like?
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Apr 9, 2025 Shanker Singham, CEO of Competere and former trade advisor to the UK government, dives into the shifting landscape of global trade. He discusses the impact of the latest US tariffs on China and the EU, leading to potential changes for UK trade negotiations. The conversation touches on the challenges British industries face amidst these tariffs and the strategic advantages that can arise from Brexit. Singham also ponders the urgent need for a UK-US trade deal, particularly in light of prevalent economic uncertainties.
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Unfair Trade Practices
- The US has longstanding complaints about global trade practices, particularly non-tariff and regulatory barriers.
- These barriers have suppressed US exports and artificially inflated imports, contributing to the trade deficit.
Targeting Mercantilism
- The US is targeting the mercantilist model of Asian economies, particularly China's suppressed currency for export advantage.
- Japan and Korea are likely to reach deals with the US due to their different approaches.
UK Trade Strategy
- The tariffs imposed by Trump are forcing the UK government to make tough decisions, like potentially nationalizing British steel.
- The UK aims for a trade deal with the US while maintaining close relations with the EU.