“Only a month after President Trump announced global tariffs on “Liberation Day”, it is notable that he has chosen the anniversary of VE Day to mark this unprecedented deal for the UK and US, and testament to both governments’ efforts to advance it. Tariffs are a cost on business and the announcement today to reduce them is welcome, but as ever the details underpinning the deal, which we have yet to see, will be key. 

“These measures promise great potential for the UK and we congratulate both sides for reaching this agreement. Continuing to cement this agreement is key, and we hope governments on both sides of the Atlantic will build on our longstanding relationship to deliver a comprehensive trade agreement. Professional services are a key part of the UK economy and one of the priority sectors in the Industrial Strategy. The professional services sector is pivotal to growth, especially through the encouragement of more trade in UK professional services around the world, and we would particularly like to see further work to secure mutual standing of professions in the UK and the US.

“Businesses need certainty and so it’s positive that there is a deal agreed, as it is a vital tool to long-term investment. The long-term relationship between the UK and US reflects our mutual status as major capital markets and there is huge potential for us together to show leadership in building trust in markets to deliver growth. Central to this is the greater certainty that a long-term trade agreement can offer.”

ENDS

Notes to editors: