New Trade Report Highlights UK Trade Links with All 435 US Congressional Districts
WASHINGTON, DC - On Tuesday 25 July, alongside Members of Congress and the business community, the UK’s Secretary of State for International Trade, the Right Honourable Liam Fox MP launched the UK Trade and Investment Highlights in the 435 US Congressional Districts report.
The report released today outlines the economic benefits of trade and investment between the United Kingdom and each of the 435 US Congressional Districts.
Please find a link to the report here.
UK’s Secretary of State for International Trade and President of the Board of Trade, The Right Honourable Dr Liam Fox MP, said:
“It’s fantastic to be back in Washington for the first meeting of the UK-US working group with Ambassador Robert Lighthizer and launch this new report which highlights the strong trading and investment relationship between the United Kingdom and each of the 435 Congressional Districts in the United States.
“The group will work to provide certainty for businesses as the UK leaves the EU and look to expand future trading links with the US. The EU itself estimates that 90 per cent of global growth in the next decade will come from outside Europe, and I believe as the head of an international economic department that this is an exciting opportunity for the UK to work even more closely with our largest single trading partner - the US.”
The report highlights that in the US 707,100 jobs were supported by exports to the UK in 2015, growing prosperity on both sides of the pond. This report complements a previous study that showed the strong trading relationship between each state and the UK, available here.
Top Figures from the report include:
- The UK is the top export market for 15 US Congressional Districts
- The UK is among the top 3 export markets for 129 US Congressional Districts (30 percent)
- The UK is among the top 5 export markets for 302 of the US Congressional Districts (69 percent)
Goods or Services Export Values:
- 168 US Congressional Districts exported $100 million or more in goods to the UK in 2015, including 4 Districts that exported over $1 billion (39 percent)
- 201 US Congressional Districts exported $100 million or more in services to the UK in 2015, including 4 Districts that exported over $1 billion (46 percent)
- At least 1,000 jobs were supported by exports to the UK from 291 US Congressional Districts in 2015 (67 percent), with 5,000 or more jobs supported by exports to the UK from 13 US Congressional Districts
Trade between the UK and US is already worth more than $200 billion a year. The US is the single biggest source of inward investment into the UK, and together we invest $1 trillion in each other’s economies.
As of April this year, corporation tax has fallen to 19%, the lowest rate in the G20. In April of 2019, it will fall again to 18%, before a further reduction to 17% in 2020. A Price Waterhouse Coopers report, published in February, states that Britain will have the fastest growing economy out of the G7 nations until 2050 and the UK economy is expected to outstrip Germany, France and Italy for the next 33 years - notching up annual average growth of 1.9%. The UK is a great place to do business, learn more from the Department for International Trade.
Notes to Editor:
The UK Trade and Investment Highlights in the 435 US Congressional Districts report outlines the following topics and more:
- The number of US jobs supported by each District’s exports to the UK
- The goods exported to the UK by each District
- The services exported to the UK by each District
- The estimated number of UK subsidiaries in each District
- The top five goods and services exported to the UK and UK-affiliated companies located in each District
This report provides a breakdown of each state’s goods and services exports to the United Kingdom, estimated U.S. jobs tied to those exports, and information on foreign direct investment (FDI) in each state based on data supplied by The Trade Partnership, an economic research firm in Washington, DC.
State export data come from The Trade Partnership’s CDxports database. The Trade Partnership derives goods exports based primarily on data from the U.S. Census Bureau, the U.S. Department of Agriculture (USDA), and Moody’s Analytics. Goods exports are classified according to the U.S. government’s North American Industry Classification (NAICS) system. The Trade Partnership derives services exports primarily from data from the U.S. Bureau of Economic Analysis (BEA) and Moody’s Analytics. Services exports are classified according to the BEA categories. Jobs tied to exports are based on the above sources along with data from the U.S. Department of Labor. A detailed methodology for the CDxports database is available at http://tradepartnership.com/data/cdxports-and-cdxjobs/.
FDI-related information comes from the Uniworld Online database and the U.S. Bureau of Economic Analysis (BEA). Data on the number of subsidiaries of U.K.-based firms, along with examples of specific companies operating in the state, are derived from the Uniworld database. Estimates of employment by UK subsidiaries come from the BEA.
US and UK to start trade talks next month to ensure deal soon after Brexit
20 June 2017
Trade talks with the US will kick off next month as British officials start to scope out plans for a deal, with the aim of setting up a free trade agreement as soon as possible after Brexit.
Liam Fox, the secretary for international trade, is in Washington to meet US commerce secretary Wilbur Ross and US trade representative Robert Lighthizer, discussing trade and investment between the two countries.
“We’re not allowed to conclude any negotiations as long as we’re part of the EU, but of course we are allowed to scope out the future relationship that we will require as we do leave,” Mr Fox told an audience at the Select USA Investment Summit.
“We have trade working groups already set up to do the preliminary scoping out of that work, and the first meeting will be in July this year.”
See more ...