The UK government has concluded negotiations on a deal with the US aimed at boosting trade between the two countries and has taken them to a significant steps towards strengthening their economic ties through the Economic Prosperity Deal (EPD). Although the deal hasn’t been finalized yet, here’s an overview of the current developments benefits;
Job Savings*:
The deal aims to save thousands of jobs for British car makers and steel industry workers, according to a press release added to the UK’s trade negotiations with the US collection on May 9, 2025.
– Free Trade Agreement:
The UK is seeking a free trade agreement (FTA) with the US, building on their shared strengths and commitment to economic security
The agreement also includes removing tariffs on steel and reducing tariffs on automotive products, which is expected to benefit Welsh businesses.
– *Impact on Wales*:
The US is Wales’ second-largest export market, accounting for around 13.5% of goods exports, and largest import market, accounting for around 20.3% of goods imports.
– *Trade Benefits*:
The deal is expected to unlock global trading opportunities for Welsh businesses and showcase Wales as open for business, ahead of the Investment Summit in December.
## The US-UK deal Objectives and Progress
The UK and US governments have been working together to develop the deal so that the negotiation process is set to continue its scheduled.Subject that they are under discussion;
– *Economic Security*: The EPD is expected to enhance economic security and prosperity for both nations, aligning with the Prosperity Institute’s mission to promote individual, family, and community prosperity.
## Future Prospects
– *Priorities for the Deal*: The Prosperity Institute has published commentary on priorities for the UK-US trade deal, emphasizing the importance of a well-structured agreement for British prosperity.
– *Ongoing Development*: The UK looks forward to developing the EPD over the coming weeks and months, with further updates expected as negotiations progress.
While the Economic Prosperity Deal shows promise, its impact on specific industries and the broader economy will become clearer once the agreement is finalized and implemented.
## Background Developments
– *The US- UK start the deal with Meeting between the countries Officials On March 18, 2025.
UK Business and Trade Secretary Jonathan Reynolds met with US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer, and US Special Envoy Mark Burnett in Washington DC to discuss the EPD.
