The flag of the US Stars and Stripes hangs on Whitehall with the figure of Lord Nelson on the top of his column on the Trafalgar Square on June 3, 2019 in London in London.
Richard Baker | In pictures | Getty pictures
Great Britain is intended to sign a trade agreement with the United States and make it the first country that does this after the world's largest economy has announced the same “mutual” tariffs against friends and enemies.
The New York Times reported the development after US President Donald Trump said on Wednesday evening that the next day there will be a briefing via a trade agreement without revealing details.
CNBC received no answer from the White House and the British Embassy in Washington to look for comments on the news.
A government spokesman for the British Ministry of Economic Affairs and Trade said in response to the inquiries from CNBC that “the United States is an indispensable ally and serve an economic contract between the United States and Great Britain.”
However, the spokesman said that the department would not comment on details about live discussions or set schedules.
“We will continue to pursue a quiet and steady approach for the conversations and find a solution to reduce the pressure on British companies and consumers,” said the spokesman.
It was uncertain whether both sides will sign a final deal or a framework for an agreement that they would continue to negotiate in the coming months, said Nyt.
Great Britain, which leads a trade deficit with the United States, was spared the higher “mutual” tariffs when Trump announced his tasks “liberation day”, although it was still hit with the baseline of 10% levy.
On April 15, the US Vice President JD Vance said that Great Britain had a “good chance” to conclude a trade agreement with America.
“I think there is a good chance that we will come to a great agreement that is in the best interest of both countries,” he added.
On Tuesday, however, Trump seemed to contradict the White House official when he said that the United States does not have to sign “business” with trading partners, although the top officials of the White House claimed for weeks that such businesses were the top priority of the administration.
“We don't have to sign shops, you have to sign business with us. You want a piece of our market. We don't want a piece of your market,” said Trump.
Read the full NYT story here.
– CNBCS Holly Ellyatt and Erin Doherty contributed to this story.
Comments are closed.