Theresa May and Donald Trump hold talks on a trade deal to slash tariffs

February 15, 2017 /

The British Prime Minister has become the first foreign leader to hold talks with the new President in the White House. Discussions are to be centred around an agreement to cut, or even drop, tariffs on items Britain and America already export to one another.

Speaking on the BBC's Today programme, former economic advisor to the President Stephen Moore said Mr Trump would likely be looking for a trade deal similar to the one America has with Canada, and called the UK one of the US's closest allies. Mr Trump pledged to ensure trade arrangements that the UK currently has with the US through its EU membership would continue in place at the moment of Brexit, in a bid to provide certainty to businesses in both the UK and the US. According to the PM, the UK is already America’s fifth largest export destination while the American markets account for almost a fifth of global exports from the UK. The US was the largest single destination for UK outward investment and the single largest investor in the UK. American companies are investing or expanding in the UK at the rate of more than 10 projects a week at present.