A Snapshot: UK-US Trade Relations

By Haroon Faqir
© Len Radin/Flickr

Haroon Faqir

Building on our UK-Arctic Trade and Investment Observatory, we have collated a snapshot of the relevant information pertaining to UK-US trade relations, including ongoing trade negotiations between the nations.

Period: Four quarters to the end of Q2 2021 (unless specified otherwise)

  • Rank as trading partner (goods and services):
    • Largest trading partner (accounting for 16.7% of total UK trade)
    • 2nd largest goods trading partner (accounting for 10.8% of UK goods trade)
    • Largest services trading partner (accounting for 27% of UK services trade)
  • Rank as export market:
    • Largest export market (accounting for 21.2% of total UK exports)
    • Largest goods export market (accounting for 15% of UK goods exports)
    • Largest services export market (accounting for 28% of UK services exports)
  • Rank of import market:
    • Largest import market (accounting for 12.2% of total UK imports)
    • 4th largest goods import market (accounting for 8.1% of UK goods imports)
    • Largest services import market (accounting for 25.2% of UK services imports)
  • Total trade in goods and services: £201.6 billion (decrease of 9.3% or £20.6 billion from previous year)
  • Total UK exports to USA: £126.4 billion (decrease of 9.9% or £13.9 billion from previous year)
  • Total UK imports from USA: £75.2 billion (decrease of 8.1% or £6.6 billion from previous year)
  • Outward stock of FDI (2019): £379.7 billion (25.3% of the total UK outward FDI stock)
  • Inward stock of FDI (2019): £381.6 billion (24.5% of the total UK inward FDI stock)

For further information, visit DIT’s Trade and Investment Factsheet for USA.

Latest News about UK-US Trade:

  1. US and western allies promise crackdown on supply chain collusion (23/02/22): https://www.gtreview.com/news/global/us-and-western-allies-promise-crackdown-on-supply-chain-collusion/ 
  2. Western nations move to block Russian access to the U.S dollar (20/02/22): https://www.reuters.com/world/europe/west-would-cut-russian-companies-access-dollars-if-ukraine-is-invaded-uks-2022-02-20/
  3. Biden plays down post-Brexit trade deal in damaging blow (18/02/22): https://www.independent.co.uk/news/uk/politics/brexit-uk-us-trade-deal-biden-b2018131.html
  4. A landmark Revitalization Plan for US Maritime Trade, Commerce and Strategic Competition to support and assist in resolving America’s supply chain crisis, ensure maritime sovereignty and security, and revitalise maritime commerce will be launched at the National Press Club in Washington, DC on February 1, 2022. (25/01/22): https://menafn.com/1103594561/First-United-States-Open-Registry-to-be-Launched-in-Washington-DC
  5. US-China investment at risk of slowdown under Senate proposal for greater FDI scrutiny, report says. (26/01/22): https://www.msn.com/en-xl/money/other/us-china-investment-at-risk-of-slowdown-under-senate-proposal-for-greater-fdi-scrutiny-report-says/ar-AAT9mwL
  6. The US-China relationship is becoming increasingly adversarial, according to US Secretary of State Antony Blinken who on Monday criticised what he described as a Chinese government that was more assertive and aggressive than was seen in previous decades. (25/01/22): https://www.msn.com/en-xl/news/other/china-us-relations-blinken-says-beijing-is-bringing-more-aggression-to-competitive-and-cooperative-ties/ar-AAT6K7N
  7. US shares rebound after Russia-Ukraine tensions hit markets (23/01/22): https://www.bbc.co.uk/news/business-60117433
  8. Russia and the US have held talks at a ‘critical moment’ as the possibility for war in Ukraine hangs over Europe. (22/01/22): https://www.msn.com/en-gb/news/world/russia-and-us-hold-crucial-talks-as-full-scale-war-in-ukraine-looms/ar-AAT0Inm
  9. The US and UK have begun formal negotiations over Trump-era tariffs on UK steel and aluminium exports. (19/01/22): https://www.bbc.co.uk/news/business-60061265?at_medium=RSS&at_campaign=KARANGA
  10. Hong Kong moves to ban UK + US arrivals – ban reflected in US stock exchange (05/01/22): https://www.ft.com/content/ab847413-3118-4ba6-b3ab-76300f1e5754 
  11. UK steel industry braces for slump as US lowers tariff on EU trade (30/12/21): https://www.theguardian.com/business/2021/dec/29/uk-steel-industry-braces-for-slump-in-trade-as-us-eu-tariffs-abolished
  12. Ministers left ‘begging’ for trade deal with US (15/12/21): https://www.independent.co.uk/news/uk/politics/brexit-us-trade-deal-penny-mordaunt-b1976711.html 
  13. US overtakes EU as largest financial services export market (08/12/21): https://www.ft.com/content/0c01673f-dec9-4b25-a937-ba1f85123732 
  14. UK and Israel to sign trade deal (28/11/21): https://www.theguardian.com/politics/2021/nov/28/britain-and-israel-to-sign-trade-and-defence-deal
  15. Omicron variant creates biggest stock market slump in a year (27/11/21): https://www.ft.com/content/8df04124-c8e7-4c30-b4da-082ea635f308 
  16. UK attempts trade deal with individual US states (11/11/21): https://www.cityam.com/uk-to-try-and-close-trade-deals-with-individual-us-states-after-white-house-talks-stall/ 
  17. US trade deficit hits $80.9 Bn (04/11/21): https://www.independent.co.uk/news/washington-commerce-department-china-b1951428.html 
  18. UK government welcomes US steel statement (31/10/21): https://www.gov.uk/government/news/uk-response-to-us-statement-on-steel-and-aluminium
  19. Nevertheless, UK steel makers feel ‘left behind’ by EU-only agreement (01/10/21): https://www.bbc.co.uk/news/business-59113868 
  20. US Oil hits $85 a barrel (25/10/21): https://www.ft.com/content/c05f2254-589b-436b-b468-6e25e43b31ae 
  21. China’s successful testing of hypersonic missile stuns the US (18/10/21): https://www.thetimes.co.uk/article/china-catches-us-off-guard-hypersonic-missile-test-j79g009x8 
  22. United States overtakes China as bitcoin powerhouse (13/10/21): https://www.theguardian.com/technology/2021/oct/14/us-leads-world-in-bitcoin-mining-after-china-crackdown-sends-industry-overseas 
  23. US Covid rates drop by 22%, sparking hope worst may be over (11/10/21): https://www.ft.com/content/55a8e7b2-0abb-4eb4-8e82-726dc2ba13e1 
  24. Confidence reflected in $870Bn buyback of stock (10/10/21): https://www.ft.com/content/dd9a7b72-1f9b-4b66-ac75-200d1653ce6f 
  25. Morrisons: Private US equity firm wins £7B bid for UK supermarket (03/10/21):  https://news.sky.com/story/morrisons-us-private-equity-firm-wins-7bn-auction-for-uk-supermarket-12423755 
  26. Boris Johnson urges Bezos to build Rivian electric vehicle plant in the UK (24/09/21): https://news.sky.com/story/johnson-urges-bezos-to-build-rivian-electric-vehicle-plant-in-britain-12416601 
  27. UK bails out American fertiliser company to prevent food supply crisis (24/09/21): https://edition.cnn.com/2021/09/22/business/cf-industries-uk-co2-food-shortages/index.html 
  28. Banks fund £230B oil and gas pillaging in the Arctic (23/09/21): https://www.cityam.com/drill-baby-drill-arctic-set-for-230bn-oil-and-gas-bonanza-with-jpmorgan-barclays-and-citi-piling-in/ 
  29. UK to pin hopes on joining US-Canada-Mexico trade deal (22/09/21): https://www.ft.com/content/b519921f-8d14-4948-9afa-f2340b0d25db 
  30. US lifts ban on British lamb (22/09/21): https://www.bbc.co.uk/news/uk-politics-58654045 
  31. AUKUS: UK, US and Australia form new security partnership (15/09/21): https://www.gov.uk/government/news/uk-us-and-australia-launch-new-security-partnership 

Haroon Faqir is a Global Leadership Fellow at Polar Research and Policy Initiative. He is part of the PRPI team behind the UK-Arctic Trade and Investment Observatory, and serves as the lead for the US and Finland.
Link partner: indobet luxury777 luxury138 mantra88 roma77 sky77 luxury333 vegas4d indobet ingatbola88 gas138 dolar138 hoki368 batman138 ligagg88 zeus138 bro138 bos88 ligaciputra