Washington, DC – National Foreign Trade Council (NFTC) President Jake Colvin today issued the following statement following the President’s announcement of a trade deal between the United States and the United Kingdom:
“We welcome the progress announced today to improve the U.S.-UK economic relationship. Today’s announcement is a step in the right direction, but the devil will be in the details.
“Businesses are looking for a durable and commercially-meaningful agreement that eliminates existing tariffs and trade barriers as well as future threats and uncertainty. While it appears a lot of the details remain to be worked out, we are concerned that many of the tariffs and trade barriers may remain in place.
“If this agreement leaves in place a 10% U.S. tariff on most imports from the UK, that would constitute a four-fold increase from the duties that existed prior to the President’s April 2 announcement. Likewise, it would be extremely disappointing if the UK doesn’t use this opportunity to address key trade irritants such as its digital services tax, which is a discriminatory policy that disproportionately targets U.S. companies.
“We commend the efforts of U.S. negotiators, including Ambassador Greer and Secretaries Bessent and Lutnick, and urge them to build on today’s announcement to eliminate tariffs and trade barriers over the coming weeks and months. A comprehensive free trade agreement that eliminates duties and barriers is the ultimate reciprocal tariff deal, and we hope that remains the north star for both sides.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
