Chapter 1: What is the main topic discussed in this episode?
Bloomberg Audio Studios. Podcasts Radio News. Now, the threat of extra US tariffs on the UK and other leading European economies has receded for now after President Trump said the framework of a future deal around Greenland had been reached, but the incident has cast doubt on the stability of the UK-US trade deal.
Joining us now live from Davos is the UK's Business and Trade Secretary, Peter Clyle. Good morning. Thank you for joining us on Bloomberg Radio. So, Donald Trump has pulled back on this threat of additional tariffs for now, but are you confident that this threat won't return?
Chapter 2: What recent developments have affected the UK-US trade deal?
No. Well, I'm confident that what we've seen the last couple of weeks from the UK and our European partners works. That was cool, calm, energetic diplomacy. The resolve of the prime minister was clear and evident for everyone to see. And we got to where we needed to be. Now, where is that? Where do we need to be? We need to be focusing on the security of our northern flank for NATO.
We can now focus on that and we can reassure America and work with America as key partners to make sure that that part of the world is safe and secure. Of course, it's always been a priority for us and it's very good now we can focus on that and also get back to that key business of talking about trade and improving trade between America, Britain and Europe.
Now, Scott Besant talked about some glitches in the UK-US trade deal. What are they and are we doing anything about them?
Well, we're always moving forward. I mean, as you know, in Bloomberg, and your listeners and viewers will always know best, when you do a deal, of course, implementing the deal takes a bit of time, and there's always some bits that are trickier than others.
But I've always found quite curious when I do interviews, and this is put to me, because when you look at the world through my eyes, what you see is constant progress. So since the talk of a glitch or a pause started to emerge, We have secured a deal on beef, for example, so Britain has access to the beef quota for the U.S. from the 1st of January.
That's meant in one single shipment, which is on the way to America now. That's saved Ā£66,000 in tariff fees. That's an enormous advantage, I would argue, for America and for Britain. Of course, the pharmaceutical deal. landed just before Christmas. So you see a lot of steady progress.
That huge, gargantuan deal that was struck during President Trump's state visit to Britain in the autumn of last year has created $300 billion worth of commercial potential between our two nations. So these are not insubstantial deals. These are really consequential deals, and they're available for businesses to start using now.
But has, I note your optimism, but if we juxtapose that with the negative tone that we had from the US Treasury Secretary and the threat of tariffs now withdrawn over Greenland, has trust in the UK-US deal been damaged by this?
Well, it's quite good that this talk has emerged over the Davos period. I've been here at Davos for a couple of days. I've met with many, many people from the U.S. administration. Some of them plan, some of them you bump into and you go to one side and have really free, frank conversations.
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Chapter 3: How does the UK plan to improve trade relations with the US?
Now, we in the United Kingdom are moving incredibly fast. And I think I am using all of the powers that I have. For example, I've already in the three or four months I've been in this job delivered 230 million pounds worth of in-year regulatory efficiencies.
I set up the Global Talent Task Force, which is out there looking for global talent, bringing it to the UK with a global talent visa, which my department has. is able to issue. I've got Ā£4bn, which I'm focusing on scale up, taking the largest ever equity investment into businesses in the UK, partnering with funds.
These are the things that I'm doing immediately and I want to partner with the EU to find out where there is mutual areas for forward growth, which is win-win. Now, I think improving the crossflow of goods and services into the EU, there are areas and specific areas such as SPS and others, where we've already had a headline agreement that we now have to get on into the weeds of and implement.
These would be a tremendous win for the EU and the UK because both territories have a growth challenge.
So you're in Davos pitching the UK as a business and investment destination. Nigel Farage is also there. And he recently said that London was in the grip of a crime wave. So are your political opponents undermining London's reputation as a place to do business?
Well, Nigel Farage never misses the opportunity to go and do down Britain. The fact is that London has one of the lowest crime rates of any comparable city in the world. It is an extraordinarily safe city for whom violent crime has been falling year upon year for well over a decade. these are tremendous circumstances to come to Britain and do business.
And when you come to a safe city like London, you can explore all of the opportunities you have for commercial gain there, because you will be in a place where the London Stock Exchange is outperforming Wall Street by 20%, just had the best year it's ever had on history, hit record highs.
You have a government that's investing $4 billion into scale-ups and partnering with venture capital firms to make sure that All the capital is there for those businesses who want to scale up. We're doing enormous great things when it comes to the British economy, and it is doing incredibly well and moving in the right direction, which is why business confidence is doing so well.
According to BWC, we are still the second best place to do business in the world. So those are the things that Nigel Farage should be using his platform to sell Britain on. But of course, he never takes that advantage to sell Britain, but he always just does us down.
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