Parliament’s Business and Trade Committee has launched an inquiry into the UK’s economic relationship with the United States, amid concerns that continued turbulence is frustrating ambitions for deeper trade.
Although the US remains the UK’s largest single-country trading partner, accounting for 17% of total trade and 22% of exports in 2024, the Committee is concerned about the impact of rising protectionism, tariff escalation and intensifying geopolitical rivalry.
It argues that, without a clear strategy to deepen co-operation and reduce barriers, businesses face continued uncertainty over tariffs, supply chains and regulatory direction.
The inquiry, which will report before the summer, will consider whether the UK has a coherent strategy for its economic relationship with the US, what the Economic Prosperity Deal has delivered and where it is falling short, and the current state of tariffs and sectoral barriers.
The UK and US had announced the agreement in May 2025 (see “What’s in the UK-US trade deal”) but the Committee chairman, Liam Byrne, has warned that it is not yet delivering for growth.
“Businesses need more predictability and a clear, dependable joint venture with the United States to ensure we maximise the economic gains as technology advances,” he said. "Instead, there is uncertainty about what has been agreed, what has been delivered, and what comes next.”
