British Prime Minister Rishi Sunak is in Washington, D.C. this week to meet with President Biden, Congress, and business groups to discuss a variety of bilateral economic and security issues. In a new insight, Director of International Economic Policy Tori Smith and Steve Clagett examine the potential economic benefits of a free trade agreement between the United States and United Kingdom (UK) and highlight the upcoming visit as a crucial opportunity to restart trade negotiations

Key points:

• The UK is the United States’ 7th largest trading partner; roughly 12 percent of goods exports from the UK are sent to the United States, making it the country’s largest export destination.
• A U.S.-UK free trade agreement would grow both economies and ease trade by reducing and eliminating regulatory barriers.
• Free trade agreements are a proven tool for building resilient supply chains, especially when done with America’s closest allies.

Read the analysis