The United States and the United Kingdom are unlikely to succeed in reaching a trade agreement before 2023, the news agency writes Bloomberg Saturday based on insiders. US President Joe Biden would now like to give higher priority to investments in his own economy and the difficult relationship with China.
The delay would be a major downer for British Prime Minister Boris Johnson. His post-Brexit vision for the UK was largely focused on a more intimate relationship with the US. He repeatedly emphasized that the British economy would flourish as an internationally oriented trading nation that strengthens transatlantic ties.
Apart from a trade deal with Japan, Johnson has not yet succeeded in reaching extensive trade agreements with other countries. More than sixty trade relations that the British previously had via the EU with so-called third countries were continued.
Thanks to a previously passed law, Biden will have the opportunity to speed up international trade agreements through Congress until July 1, 2021. This special power is unlikely to be renewed, as this is too controversial in view of the 2022 midterm elections to Congress. A source from government circles reports Bloomberg that the Biden government does not intend to use the remaining time for a deal with the United Kingdom.
The UK Department for International Trade now reports that a good trade deal is more important than a quick deal. “The UK has always made it clear that a broad and mutually beneficial deal is more important than a deal before a predetermined deadline,” said a spokesman.
Source site www.nu.nl