Britain’s new trade minister, Kemi Badenoch, will travel to New York on Wednesday on her first overseas trip, where she will stress the importance of the United States as a trading partner even as talks on a trade deal free trade between countries are blocked. Liz Truss, who became prime minister this month, said Britain was not prioritizing a free trade deal with the United States “in the short to medium term”.
Truss, herself a former trade minister, had previously stressed that such a deal with the United States was a key opportunity to leave the European Union. Badenoch will stress the importance of American investment in Britain, even in the absence of a free trade agreement.
“The United States is our most important trade, defense and security partner,” Badenoch said at the Atlantic Future Forum, a conference hosted by Britain aboard HMS Queen Elizabeth in New York Harbor. York. “The UK is a low-tax nation rich in talent and innovation and I will show America’s biggest companies that we are ready to be their investment partner of choice.”
It is now cheaper for Americans to invest in Britain than before, with the pound having lost more than 7% against the dollar so far this month. Investors balked at Truss’ plans for unfunded tax cuts, while the US Federal Reserve was more aggressive in raising rates than the Bank of England. The Department of Commerce said Britain would continue to discuss trade memorandums of understanding with US states, with the aim of reaching deals with Oklahoma and South Carolina in the coming months. The memorandums of understanding have been criticized by opponents of the government as having little economic impact.
During the two-day trip, Badenoch will also speak with his US counterpart, Trade Representative Katherine Tai, and meet with New York-based investors.
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