Briefing Paper 34 Download Briefing Paper 34 Peter Holmes, J. Brad Jensen, Emily Lydgate, Stephen Weymouth, Rorden Wilkinson, and L. Alan Winters Key points Introduction Brexit uncertainty The backstop and the issue of running two standards books Is a deal even possible? US negotiating guidelines What does USMCA foreshadow for a future US-UK trade agreement? What is the US’ likely strategic position on services? The changing market for US MNC foreign affiliate spending Conclusion Footnotes Key points Given the current political turmoil in the UK, a quick and economically significant outcome to US-UK trade negotiations seems unlikely. A great deal depends on the degree of alignment that the UK keeps with the EU on tariffs and regulations. Despite the current aggression towards the European Union, it is far from inevitable that the UK will cut its ties significantly. Aligning UK rules with those of the US, as per the US negotiating objectives, would create divergences with the EU and inevitably create extra frictions at the UK-EU border. The so-called Level Playing Field requirements, as set out in the backstop of the Withdrawal Agreement, constrain a potential UK-US agreement. The renegotiation of NAFTA into the United States-Mexico-Canada Agreement provides several insights [...]

Download Briefing Paper Briefing Paper 20 – July 2018 Marc Busch, Michael Gasiorek, Peter Holmes, J. Brad Jensen, Rod Ludema, Emily Lydgate, Anna Maria Mayda, Pietra Rivoli, Jim Rollo, Stephen Weymouth, Rorden Wilkinson and L. Alan Winters Key points Introduction Public support for a US-UK trade agreement What is the economic case for a US-UK trade agreement? So, do the data suggest an agreement is worth pursuing? The regulatory elements of a US-UK agreement: “A TTIP for Two”? Conclusion Endnotes Key points There is public support for a US-UK trade agreement, but this sits alongside worries about existing trade agreements, particularly over NAFTA in the US, and is contingent on the kind of regulatory framework pursued. Seeking an agreement allows both countries to present themselves outwardly as pursuing a sovereign policy in their own best interests as well as constructive members of a liberal world trading order. Any meaningful agreement (economically as opposed to politically) will need to deal with the barriers to trade in services, and the regulatory barriers within specific manufacturing sectors. Given the different approaches to regulation, this may be challenging. Among the most important of challenges in negotiating a US-UK trade agreement will be [...]