Trade Secretary Kemi Badenoch Prioritizes Bespoke Agreements with US States
Kemi Badenoch, the UK Trade Secretary, is focused on securing trade deals with individual American states as a way to boost the post-Brexit economy. Insider sources reveal that a comprehensive trade deal between the UK and the United States is unlikely in the near future. Instead, Badenoch is working on agreements with states such as New York, Colorado, and Oregon. The UK government has already successfully negotiated deals with Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington, and Florida. These states have a combined GDP of £3.4 trillion, surpassing that of France, and have imported £7.3 billion worth of British goods since the deals were signed.
New York: The Crown Jewel of State-Level Trade Deals
New York, with its nearly £2 trillion economy, is considered the most attractive state for trade deals. However, negotiations with New York are still in the early stages. Oregon, another state in the pipeline, is also not expected to reach an agreement soon. On the other hand, Colorado is close to finalizing a deal after ministers expressed their intention to sign a memorandum of understanding last year.
Targeting Individual States in the Absence of a US Trade Deal
With US President Joe Biden opting out of a trade deal with the UK, the British government is shifting its focus to individual states. A government official stated that some of these states have GDPs larger than major European countries, making their economies a perfect fit for UK firms. For example, Florida, which has a thriving aerospace industry as the home of NASA, has already proven to be a valuable trade partner. The UK aerospace industry is keen to expand its business with Florida. This approach is just the beginning, with ongoing discussions at the state level paving the way for new trade relationships between the UK and the US.
