Brexit Britain’s US state deals are racking up, with total US markets worth £2.2 TRILLION in GDP
It's no secret that Biden hates the UK, the plastic paddy has only eyes for Southern Ireland and won't entertain any kind of trade deal even though one or two of his ancestors actually lived in Northern Ireland with a few who lived in the Cambridge area of England
So with that in mind, the UK government has bypassed the clown and is going from State to State signing a Memorandum of Understanding (MoU) to boost trade and investment. As they say ‘If the mountain will not come to Muhammad… one must submit to an alternative.
That is what we British have done, we have found an alternative.
On Monday the UK and the US state of Washington signed a new Memorandum of Understanding (MoU) to boost trade and investment.
Washington State is home to major US businesses including Amazon, Starbucks, Microsoft and Boeing, and has a GDP greater than that of 10 EU countries combined. This MoU marks the sixth delivered as part of the UK’s state-level strategy to boost trade with the US and means that the combined GDP of US states with which the UK has MoUs now totals £2.2 trillion.
Minister for Industry and Economic Security Nusrat Ghani signed the pact in Seattle alongside Washington State Governor Jay Inslee.
Another huge win for Brexit Britain, with more deals on the way
Washington plus the other five states together have a total GDP of $2.81 TRILLION dollars
The Washington deal brings the UK’s tally to six US states:
- North Carolina: $762.9
- South Carolina: $308.9
- Oklahoma: $243.4
- Utah: $259.3
- Washington: $761.4
- TOTAL : $2,809.2 bn
[Source: U.S. Bureau of Economic Analysis, data for 2022.]
Collectively these states imported £5.1 billion of UK goods in 2022. The figure for services will of course be much higher but the state-level data for services is not yet available.
Putting the US deals into context with the EU27…
The US is such a vast country it can sometimes be difficult to put it into context with the EU. I have therefore analysed the GDP of the 27 EU countries and below I show graphically just how much larger are the collective economies of the six US states in comparison with EU countries.
UK-US state-level trade deals
In short, the six US state deals signed so far involve a GDP so large that in total they eclipse the economies of 17 EU countries, shown in red on the map below.
Only five EU countries have economies larger than that of Washington State on its own.
The latest UK deal is with a US state economy larger than the EU’s sixth-largest economy (Poland).
- GDP of the 6 US states: $2.8 TRILLION
- GDP of the 17 EU states: $2.5 TRILLION
[Sources: World Bank | U.S. Bureau of Economic Analysis — data for 2022.]
Commenting, the Rt Hon Sir John Redwood MP said this
“Great to see the UK using its Brexit freedoms and making trade deals with 6 US states with more to come.
“The US is our largest trading partner and we have a much better balance between exports and imports than with the EU. Who said none of this would be possible when we left the EU?”
The Rt Hon Sir John Redwood MP, former Single Market Minister, 27 Sept 2023
It doesn’t stop there…
Active discussions are already underway between the Department for Business and Trade and many other US states, including Florida, Texas, California, Colorado, and Illinois. I understand that a deal with Florida is on its way next.
On Monday the UK’s Minister for Industry and Economic Security, Nusrat Ghani, said
“Our pact with the state of Washington is a win for the UK, opening a door for our businesses to trade more openly and unlock new opportunities in key sectors.
“Each US state is a massive global market in its own right, and many have economies larger than the GDP of whole countries. By notching up our sixth such deal we’ve surpassed the £2 trillion mark for combined GDP of states who’ve done a deal with the UK, with many more in our sights.
“This particular deal will be fantastic for our aerospace industry through investor intros, trade missions, and increasing access to procurement markets. I’m delighted to join Boeing and our hand-picked group of innovative UK companies to discuss how Government and industry can work together to create jobs and grow the economy.”
Washington State Governor Jay Inslee said:
“Today’s MOU makes the UK Washington’s latest global partner in trade and innovation focused on clean technology and industry.”
The Rejoin movement does not seem to be able to raise its eyes beyond the UK’s backyard. By contrast, I have always looked at the newly independent United Kingdom as a player on the world stage after all we are the country that opened up modern trade routes all over the world, trade is in our genes, in our blood
Yes, the European market is naturally important to the United Kingdom, but it is ever more important that British businesses look to the faster-growing markets around the world.
Monday’s deal with Washington State — and the deals already concluded with five other US states — is proof that an international outlook which extends beyond the EU’s frontiers opens up a great many opportunities for British companies. This also benefits UK consumers, who will be able to buy a wider range of competitively-priced products and services.
Yet another benefit of Brexit…
Sources: World Bank | U.S. Bureau of Economic Analysis | UK Dept for Business and Trade
