As the 2024 presidential race draws near, Joe Biden has put off negotiations for a trade agreement with the United Kingdom. <\/p>\n\n\n\n
A “foundational” trade agreement with the UK is in the works, despite resistance from the Senate and differences over the accord’s parameters leading up to the national elections of the following year. <\/p>\n\n\n\n
A draft of eleven proposed chapters that the office of the United States Trade Representative (USTR) published earlier this year indicated that negotiations would start. <\/p>\n\n\n\n
However, according to two persons briefed by the US and British administrations, the transaction is no longer anticipated to proceed.<\/p>\n\n\n\n
\u201cI don’t think we’re going to see that re-emerge,\u201d one person familiar with the matter told Politico.<\/p>\n\n\n\n
The proposal\u2019s timeline for talks \u2014 which would not consider market access or meet the World Trade Organization\u2019s definition of a free trade agreement \u2014 set out that negotiations would wrap up ahead of elections in Britain and the U.S. next year.<\/p>\n\n\n\n
The deal was closer in substance to the U.S.-led Indo-Pacific Economic Framework for Prosperity (IPEF) \u2014 which tackles regulation and non-tariff barriers \u2014 than a full trade agreement.<\/p>\n\n\n\n
The British government has long coveted a trade agreement with the U.S. as a significant post-Brexit prize. <\/p>\n\n\n\n
The draft was considered a road map to eventually securing a full-fledged, comprehensive deal. Business and Trade Secretary Kemi Badenoch pitched the IPEF-style deal in April during Biden\u2019s visit to Belfast, Bloomberg reported, to reinvigorate talks first started under the Trump administration.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
As the 2024 presidential race draws near, Joe Biden has put off negotiations for a trade agreement with the United Kingdom. A “foundational” trade agreement with the UK is in … <\/p>\n