UK markets closed
  • NIKKEI 225

    27,686.40
    -199.47 (-0.72%)
     
  • HANG SENG

    18,814.82
    -626.36 (-3.22%)
     
  • CRUDE OIL

    72.27
    -1.98 (-2.67%)
     
  • GOLD FUTURES

    1,802.30
    +19.90 (+1.12%)
     
  • DOW

    33,548.27
    -48.07 (-0.14%)
     
  • BTC-GBP

    13,766.10
    -198.94 (-1.42%)
     
  • CMC Crypto 200

    394.62
    -7.41 (-1.84%)
     
  • ^IXIC

    10,946.68
    -68.21 (-0.62%)
     
  • ^FTAS

    4,093.68
    -20.80 (-0.51%)
     

Badenoch seeks to boost UK-US trade links during trip to Washington DC

Kemi Badenoch will seek to boost UK-US trade links by stressing the need for allies to work together to guard the global economy against future shocks.

The International Trade Secretary will tell key political figures in Washington DC that the West must promote strong partnerships to “challenge the increasing threat of authoritarian states”.

It comes as supply issues driven by the Covid pandemic and war in Ukraine have sparked a spike in inflation around the world, putting a huge strain on living costs.

Ms Badenoch will use a speech at the Cato Institute think tank to make the case for UK-US co-operation on shaping global trade rules, calling for a move towards more “diverse” and “resilient” supply chains and investment in new technology to support the jobs of the future.

She will also stress the need to protect the nations’ long-term energy security, according to the Department for International Trade (DIT), as the West seeks to wean itself off Russian oil and gas.

A post-Brexit trade deal with the US would be highly valuable to the UK given the enormous potential of tapping into the market across the Atlantic.

But an agreement still appears some way off, with any negotiations likely to face a significant hurdle in the form of unresolved tensions over the Northern Ireland Protocol.

US President Joe Biden has previously expressed concern over the controversial treaty, which is aimed at avoiding a hard border on the island of Ireland but has created a series of economic barriers in the Irish Sea.

Ms Badenoch is due to meet with US Treasury deputy secretary Wally Adeyemo during her trip, as well as members of the House Ways and Means Committee and Senate Finance Committee.

Elsewhere, she will promote the UK’s business environment at a US Chamber of Commerce roundtable event and attend the Washington Post Global Women’s Summit, where former first lady and presidential candidate Hillary Clinton is also set to appear.

Ms Badenoch said: “The US and UK share the same values – freedom and free trade – and the result is a partnership more important than any other in the world.

“I’m in DC to boost our trading relationship further and work with allies on critically important issues like strengthening supply chains, protecting our long-term energy security and creating jobs in industries of the future.

“Both the UK and the US know we cannot have security at home without security abroad, and we need to make the global economy resilient to future shocks.

“Now is the time to roll up our sleeves and show how muscular liberalism and free trade are a force for good in the world.”